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China Raises Key Interest Rates Unexpectedly中国昨晚突然提高利率来冷却过热的通涨：
10/19/2010 8:52 AM ET
(RTTNews) - China's central bank raised its key interest rates unexpectedly by 25 basis points on Tuesday in a bid to cool accelerating inflation and overheated economy.
The People's Bank of China hiked the one-year benchmark deposit rate to 2.50% from 2.25% and the one-year lending rate to 5.56% from 5.31%.
It was the first tightening move since December 2007. The rate hike will take effect on October 20.
"The immediate, direct impact on the economy will be minimal, but one longer-term effect will be to raise the income of savers, which is a small, positive step in China's efforts to rebalance," said Capital Economics' senior economist Mark Williams.
Last week, the central bank reportedly raised reserve requirements for six large commercial banks by 50 basis points on a temporary basis.
The increase took the reserve requirement rate for biggest banks to 17.5%. Currently, smaller banks have a reserve requirement rate of 15%.
Following a variety of steps over the past year to cool their property market, most which had only a temporary influence, China finally used the hammer, commented Peter Boockvar at Miller Tabak.
Data released by the National Bureau of Statistics on October 15 showed a 0.5% monthly increase in house price in major 70 cities in September, which was the first since May. On an annual basis, house price price growth slowed for a fifth month to 9.1%.
China's inflation quickened to a 22-month high of 3.5% in August from 3.3% in July. The economy expanded 10.3% in the second quarter following an 11.9% growth in the first quarter.
The NBS is slated to issue inflation as well as growth figures on October 21. While, inflation is expected to rise slightly to 3.6% in September, economic growth for the third quarter is set to ease to 9.5%.
Signaling a gradual appreciation of the yuan, PBoC Governor Zhou Xiaochuan on October 10 said the currency can become stronger if the Chinese economic developments continue and inflation remains low. He asserted that he don't believe that a large yuan appreciation will alone resolve global imbalances.
"The latest policy move only makes sense if it is the precursor to an appreciation in the yuan exchange rate - which would be a welcome sop to this week's G20 meeting of finance ministers and central bankers," Daiwa Capital Markets said.
"In the absence of such a move in the Chinese currency, the higher interest rates will only attract increased capital inflows from abroad, thus doing nothing to mitigate excessive domestic liquidity and the associated macroeconomic and financial risks," the firm said.
(RTTNews) - In its semi annual report, the World Bank today warned that large capital inflows combined with rising inflationary pressures and asset prices will be the major emerging policy challenge in the developing east Asia. The lender said China continues to be the leader in the region, with an estimated GDP growth of 9.5% in 2010. |
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发表于 2010-10-19 07:35 AM
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