三级aa视频在线观看-三级国产-三级国产精品一区二区-三级国产三级在线-三级国产在线

Economy

China raises banks' reserve ratios again

(Xinhua)
Updated: 2010-12-11 08:43
Large Medium Small

BEIJING - China's central bank Friday announced the third increase of the reserve requirement ratio (RRR) for banks in a month, an unprecedented move pointing to the urgency of curbing runaway lending amid accelerating inflation.

The People's Bank of China (PBOC) said on its website that it would lift the bank reserve requirement ratio by 50 basis points from December 20.

Related readings:
China raises banks' reserve ratios again Inflation expectation presses for rate hike
China raises banks' reserve ratios again China is 'doing right thing' to curb inflation: Jim Rogers
China raises banks' reserve ratios again Benchmark hits 8-week low
China raises banks' reserve ratios again Beijing sets sights on taming inflation

Banks will have to set aside 18.5 percent of their reserves after the sixth such hike this year.

Guo Tianyong, a professor with the Central University of Finance and Economics, said the bigger than expected increase of new loans and exports in November had underscored the urgency to check liquidity.

PBOC data showed new yuan loans hit 564 billion yuan ($85.45 billion) in November. That means the full-year lending total would exceed the 7.5-trillion-yuan target set at the start of the year.

The growth of broad money supply (M2), which covers cash in circulation and all deposits, had accelerated to 19.5 percent year on year to hit 71.03 trillion yuan at the end of November, exceeding the government's annual target of 17 percent.

With excess liquidity largely blamed for triggering inflation, which rose to a 25-month high of 4.4 percent in October, the overshooting of these goal could complicate the government's inflation management.

Excess liquidity and heightened concerns of inflation could also be reflected in the soaring housing market, as property prices in 70 major Chinese cities rose 7.7 percent year on year last month and exports saw bigger than expected increases.

The second round of quantative easing policy taken by the US Federal Reserve also added the pressure of imported inflation.

To curb runaway liquidity, the central bank raised the benchmark lending and deposit rates by 25 basis points on Oct 20.

According to calculations based on PBOC data, the latest reserve requirement ratio increase could take about 350 billion yuan from the banking system.

Yin Jianfeng, a researcher with the Chinese Academy of Social Sciences, said the latest move showed the central bank had "shifted its monetary stance to normal" from the looser position of two years ago to cope with the global financial crisis.

On Dec 3, the government announced that its monetary policy stance would move from relatively loose to prudent next year to tackle rising inflation and keep economic growth at a sustainable pace.

The government has also announced harsh measures, including price controls when necessary, and has intensified a crackdown on hoarding by threatening speculators with fines of up to 5 million yuan to prevent runaway price hikes.

It also increased the supply of vegetables, meat and grains.

Although prices of commodities from soybeans to cotton have fallen significantly, analysts estimate consumer inflation picked up in Nov. The official monthly figures will be announced Saturday.

"It is very likely the Consumer Price Index (CPI) will exceed 5 percent in Nov, a 28-month high," said Zhu Jianfang, an analyst with Citic Securities.

Although the central bank had enhanced the liquidity management, analysts said an RRR hike rather than an interest rate rise, indicated government caution in dealing with economic conditions for fear that abrupt and over-tight control could hamper economic growth.

China's economy grew 9.6 percent year on year in the third quarter, slowing from its 10.3-percent increase in the second quarter and 11.9 percent in the first quarter.

Although manufacturing continued expanding, industrial output and power use dropped significantly in November. The economic outlook in developed countries, still grappling with record jobless rates, remained uncertain. These clouded China's economic picture in the near future.

An RRR hike was an effective way to soak up excess liquidity without attracting speculative money inflows as an interest rate rise would, said Yang Sente, an analyst with the Changsha-based Xiangcai Securities, forecasting further RRR hikes in 2011.

Despite the shift to a prudent monetary stance, the Chinese government should keep proactive fiscal policy.

"Any drastic change could hurt the economic growth," said Yuan Gangming, researcher with the Chinese Academy of Social Sciences.

Although the central bank felt the need to do something to show its determination in taming inflation, it had no intention to kill growth by aggressively hiking interest rates or imposing a lending squeeze, said Lu Ting, the China economist with the Bank of America-Merrill Lynch.

"Hiking RRR seems to be the natural choice of the PBOC. Beijing wishes to maintain the current pace of growth," he noted.

Qu Hongbin, of Asian Economics Research, said, "Another rate hike of modest proportions is still needed to anchor inflationary expectations. We continue to expect a 25 basis points rate hike soon.".

Worries about imminent rate hikes have driven down China's stock market by almost 7 percent from the beginning of November.

The government started its annual Central Economic Work Conference on Friday, which would set the tone for the economic work in 2011. Curbing inflation and economic restructuring was expected to be high on the agenda.

主站蜘蛛池模板: 日韩欧美不卡片 | 国产成人精品1024在线 | 午夜伦情电午夜伦情影院 | 在线欧美视频免费观看国产 | 黄色一级片免费观看 | 天天怕夜夜怕狠狠怕 | 1024视频色版在线网站 | 国产精品自线在线播放 | 亚洲欧美色综合一区二区在线 | 国产精品黄网站 | 看国产一级片 | 日本三级免费网站 | 香蕉视频网站在线 | 成人欧美一区二区三区的电影 | 美日韩一区二区三区 | 伊人久久丁香色婷婷啪啪 | 国产第二页 | 欧美在线观看一区二区三区 | 国产精品欧美视频另类专区 | 美国一级大黄一片免费zzz | 日本成本人啪啪黄3d动漫 | 国产无遮挡又黄又爽在线视频 | 在线 你懂 | 国产真实偷乱视频在线观看 | 久热香蕉视频 | 综合亚洲精品一区二区三区 | 特黄特色大片免费视频大全 | 97精品国产高清自在线看超 | 青青草手机在线观看 | 亚洲精品国产成人中文 | 九九爱www高清免费人成 | 欧美日韩视频在线观看高清免费网站 | 美国人和动物xxx | 嘿嘿视频在线观看 成人 | 亚洲欧美日韩综合二区三区 | 亚州综合激情另类久久久 | 人成精品视频三区二区一区 | 国产成人精品综合在线观看 | 久久精品综合免费观看 | 一级生活黄色片 | 亚洲精品国产第一区二区多人 |