|
2#

楼主 |
发表于 2010-1-13 17:44:58
|
只看该作者
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. |
|