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China's central bank said on Thursday that it would raise lenders' required reserves by 50 basis points, the fifth time this year and the eighth since October.

The move increases the required reserve ratio for the country's biggest banks to a record 21 percent, another step in the government's campaign to control inflation.

KEY POINTS:

-- The central bank has been raising reserve requirements at a pace of about once a month since October.

-- The central bank relies on the rise bank reserves to soak up excessive liquidity in the economy as it struggles to issue bills.

-- The central bank has said it will use a combination of policy tools, including required reserves and interest rates, to put a lid on inflation, which clocked in at 5.3 percent in April from 5.4 percent in March.

COMMENTARY:

CAO XUEFENG, HEAD OF RESEARCH, HUAXI SECURITIES

"I'm not surprised to see this happen now, because the inflation figure for April was still above market expectations despite being lower from March. Along with the resumption of open markets sale of 3-ye,84963,44354,81135,80813,63590,58187,43551,68061,59554,76710,12875,15299,16627,28767,85832,45936,12046,43894,42355,55312,78165,52972,81647,17604,75392,47488,10607,86104,21691,11316,22830,91240,24032,38615,17481,24386,14409,17866,48651,10887,66803,35762,56313,38872,29165,33011,51908,96409,96944,17447,25363,98518,88864,40288,18646,18268,38045,75438,10850,60554,38189,15392,93352,85633,75775,72491,95101,70606,18007,53550,95791,25503,63835,28431,78966,87369,36392,53466,33224,10325,18469,53290,68049,10249,13495,27162,16178,74939,51740,62358,95127,45916,20552,94663,27372,48381,44533,29214,40991,48066,98143,68568,77545,99927,82559,36848,68180,76697,13459,69840,19981,47916,12356,57076,94703,46983,36897,26904,55652,92859,78894,99821,25420,20573,14561,67130,82616,18508,57925,41420,22223,21469,48296,62008,63204,39643,50657,65777,20991,91708,70083,61175,57061,19763,53651,12091,26788,53600,81037,61411,50878,30709,14153,69291,38281,41189,62524,21574,13577,87780,18290,86796,40433,94066,67292,28291,63367,70546,50352,74990,54727,44671,28376,93970,17867,34916,81000,96186,94389,44638,33553,35703,41627,10977,77087,18296,10411,12264,83539,86705,19776,63256,52530,97817,83281,91113,52033,54886,21121,19017,73142,98494,51634,84914,78518,98034,46635,33325,10136,16742,52363,99589,40767,25144,63759,99113,55479,37459,84901,68710,48693,36917,89988,59048,87247,31232,77626,56856,20704,51726,41901,94148,97873,65288,53935,96037,66833,92467,24653,72986,95520,60531,67291,67115,66568,58742,14143,18619,63133,78403,41079,79307,70605,63634,94746,69622,69001,34118,51691,52003,36734,86383,12623,75464,93701,44034,81953,64556,39731,83479,67664,12051,64774,92156,87841,87645,10546,19963,10021,59068,71264,93671,35696,28236,28296,32607,83196,16724,43576,97089,60289,71278,11796,37970,80585,43220,56961,52577,91384,67351,91305,51003,74118,68816,60669,83644,34199,29922,69627,70206,89583,76762,23393,34312,84842,58345,84693,43220,45480,76321,98645,48867,79844,51450,38306,69846,16727,39458,89070,58698,99499,57758,33002,11671,38763,97867,41566,59745,11914,56256,58730,51906,25789,44869,21861,29747,49592,39266,66555,86102,72301,37588,13479,41441,98435,91979,90196,28090,97321,14421,53361,30921,92642,64852,83363,33060,62784,61887,51832,32768,80519,54780,11414,20694,11888,88590,71924,79937,74390,66488,72968,47375,35559,81321,89466,18507,87451,91501,73710,49652,25041,99391,94805,68948,31241,27219,56490,97008,96776,37297,86822,95769,83073,25042,16310,14866,88640,96033,85481,89743,84937,79961,91933,80067,20056,80695,22384,61147,20650,57759,26629,75606,47421,45252,35939,95081,75968,12939,92920,47358,48482,42970,61280,90830,43046,89158,25670,33952,77365,73732,85263,70270,54935,12808,31320,35906,11253,65838,39697,44984,95966,32663,52130,78557,65689,64911,22538,10875,79488,52326,84954,13583,44373,38857,57766,73086,27852,94905,95128,17673,51022,66294,68231,98381,90560,36388,53240,78423,93132,24876,20510,12360,98689,52186,49608,41125,71704,40654,54430,36472,83508,62624,85446,43451,47982,18424,64380,77735,30998,38957