December 30, 2017 / 2:54 AM / a year ago

China's central bank to raise reserve funds ratio of third-party payment firms to 50 pct

BEIJING, Dec 30 (Reuters) - China’s central bank said it will gradually raise the reserve funds ratio of third-party payment firms to 50 percent by April 2018 from a current rate of 20 percent.

The bank will increase the rate by 10 percentage points a month from February to April, it said in a statement released on its website on Friday evening.

It said the move will reduce seasonal risks around Chinese New Year in February, when cash flows on third-party apps increase. (Reporting by Cate Cadell; editing by Richard Pullin)

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