Central bank requests police probe on reserve requirement ratio rumor

File photo of the People Bank of China, the country's central bank. [Photo: IC]

The People's Bank of China has asked the police to investigate the source of a rumor that the bank would lower the reserve requirement ratio by 0.5 percent on April 1, according to Financial News.

The fake news quickly spread after first appearing in a chat group on WeChat last Friday. The central bank quickly denied the rumor on its Weibo account in a move to limit any consequences of the rumor in the market. The bank announced on Weibo on Tuesday morning that it had asked the police to investigate.

The Financial News said that rumors such as this one could result in abnormal and potentially severely disrupting fluctuations in the financial market. Spreading false or misleading financial news is prohibited by the Securities Law of China.