China’s surprise monetary tightening could impact the buoyant mood in regional petrochem trading

China’s central bank; the People’s Bank of China (PBoC) has taken clear measures to curb aggressive lending. PBoC announced plans to raise its reserve requirement (a portion of deposit that banks mustt park with the central bank) by 50 basis points to 16% on 18 January and has raised interest rates for its one-year bills by eight basis points to 1.