Reuters first to report China's central bank move on reserve requirements as it fights inflation

China’s benchmark interest rate swaps rose on Monday after a Reuters report that the central bank had ordered banks to include their margin deposits in required reserves in a bid to mop up excess liquidity. Analysts said the step would ease pressure on China to raise reserve ratio requirements already at record levels. The exclusive report on late Friday on Beijing’s latest move in its campaign to head off nagging inflation was widely cited by competing media outlets, including Bloomberg and Dow Jones. It also triggered a wave of notes from major economists, banks and research houses including UBS, Barclays Capital and HSBC. Capital Economics and Mirae Asset Securities directly cited the Reuters report on the move, as did several Chinese financial websites.