New home prices in 70 major Chinese cities rose 5.7 percent in February from a year earlier, down from an annual rise of 5.9 percent in January, according to a Reuters weighted average of official data published on Friday.Reuters has their own index as of this year since the Chinese statistics agency has ceased publishing their own.
On a month-on-month basis, property inflation was more muted.
Nationwide, prices were up 0.4 percent, compared with a 0.8 percent increase in January, according to the Reuters calculations.
China hikes banks’ reserve requirements
The nation’s biggest banks must set aside 20% of deposits as reserves with the central bank beginning from March 25, the People’s Bank of China said in an early evening statement.