People's Bank updates: Industrial and Commercial Bank of China (ICBC) (1398.HK)(601398.SS) expects limited impact on its earnings after the central bank raised required reserve ratios for banks, ICBC management told investors on Friday in an online address.The People's Bank of China said on Wednesday that it was increasing required reserve ratios for all lenders by 50 basis points.
Certain banks had also been hit with a special order on top of the sector-wide move, making for a total increase of 100 basis points for those banks. [ID:nTOE6AA01Z]
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