China\'s central bank curbs economy

China\'s central bank has stepped in to curb lending in its banking system.



Chinese banks are now required to keep more money back in reserve.



Chinese Premier, Wen Jiabao, recently urged banks to curb lending, saying they need to be more balanced.



The People\'s Bank of China has also raised the interest rate on its one-year Treasury bills, another move designed to remove money from the system.



The new move comes a day after state media reported that the banks had extended 600 billion Yuan or $88 billion in loans in the first week of January.