标题: CHINA TELLS BANKS TO BOOST THEIR RESERVES [打印本页] 作者: 飞雪寒冰 时间: 2010-1-13 17:44 标题: CHINA TELLS BANKS TO BOOST THEIR RESERVES China has increased the amount banks must set aside as reserves in the clearest sign yet that the central bank is trying to tighten monetary conditions amid mounting concerns of overheating and inflation as a result of the credit boom.
The People's Bank of China also raised interest rates modestly in the inter-bank market yesterday for the second time in less than a week, as it engages with commercial banks in a tug-of-war over rapid lending.
Economists said that yesterday's announcements were a warning to the banks against lending too aggressively following reports in state media that loans in the first week of 2010 reached Rmb600bn ($88bn), not far short of the monthly average last year.
“This is a warning across the bows of the commercial banks,” said Tom Orlik, of Stone & McCarthy in Beijing. “The central bank said that the high level of bank lending needs to come to an end but that the commercial banks do not seem to be taking it seriously.”作者: 飞雪寒冰 时间: 2010-1-13 17:44
Reserve requirements were raised by 0.5 percentage points, while rates on one-year paper increased by 0.08 per cent and on three-month paper by 0.04 per cent.
The moves underline the increasingly delicate task the PBoC is facing in managing the consequences of China's credit binge, when lending more than doubled from Rmb4200bn in 2008 to above Rmb9000bn last year.
However, it is not clear whether the Bank's increasingly hawkish stance has majority support in the Politburo, where some top leaders appear to favour maintaining a loose monetary policy to ensure high growth.
An economist at a leading university in Beijing said that recent policy moves could reflect a split between the PBoC, which is focused on inflation, and other parts of the government, which are pushing for the continued aggressive lending.
“I would not assume that there is a unified policy about what the exit strategy should be,” he said.
The central bank is facing a number of worrying signals about inflationary pressures, including a rapid expansion of money supply with M1 increasing by 34.6 per cent in December year-on-year.
House prices are rising quickly in many cities and capital inflows appear to be strong on expectations that the Chinese currency will begin to appreciate again this year.作者: 飞雪寒冰 时间: 2010-1-13 17:45
Two leading economists warned this week of the risk of inflation and said that the economy could grow by 16 per cent this year if the government did not withdraw some stimulus.
“If the government continues with the same strength of macro-economic stimulus as in 2009, there will be notable economic overheating in 2010,” said He Fan and Yao Zhizhong at the Chinese Academy of Social Sciences in a journal article.作者: stuv812 时间: 2010-2-3 16:47 标题: 支持 (*^__^*) ……
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