UPDATE 1-China implements latest rise in bank reserves
* Higher reserves for some banks reported last week
* Central bank sets Tuesday as implementation date
* No new banks slapped with punitive higher reserve ratio
SHANGHAI, Jan 26 (Reuters) - China's central bank has told the banks that need to raise their reserve ratios to implement the change on Tuesday, banking sources said.
As reported last week, the central bank told some banks to increase their reserve ratios by 0.5 percentage point. That comes into effect on Tuesday.
No new banks have been slapped with fresh higher reserve requirement ratios, the sources said.
Reuters reported last week that CITIC Bank (0998.HK) (601998.SS), the country's seventh-largest bank, and Industrial and Commercial Bank of China (ICBC) (1398.HK) (601398.SS), the top lender, had been instructed to raise their reserve ratios after excessive lending. [nTOE60J09N]
(Reporting by Victoria Bi and Jason Subler; Editing by Ken Wills and Neil Fullick)
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