Extra Reserves for China Banks Take Effect, Markets Hit

http://www.cnbc.com/id/35070681

Reuters reported last week that CITIC Bank, the country's seventh-largest bank, and Industrial and Commercial Bank of China, the top lender, had been instructed to raise their reserve ratios after excessive lending.

In currencies, the Japanese yen jumped broadly against most currencies. The dollar fell to as low as 89.82 yen, down from around 90.35 yen,, and the euro slid by as much as about one yen after the news to a low of 126.85 yen.