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Zhou Xiaochuan, Governor of the People's Bank of China, speaks during a news conference at the International Monetary Fund (IMF) - World Bank meetings, in Singapore September 17, 2006. The bank raised the key savings and lending interest rates, beginning from March 18. [Reuters]
The People's Bank of China, the central bank, raised key savings and lending interest rates from Sunday, March 18, the third time in 11 months in a bid to curb inflation and asset bubbles in the world's fastest-growing major economy.
The one-year benchmark lending rate will be raised to 6.39 percent from 6.12 percent, and the one-year deposit rate will be increased to 2.79 percent from 2.52 percent, according to a statement on the bank's website (www.pbc.gov.cn) .
Central bank Governor Zhou Xiaochuan is concerned that cash from a record trade surplus is stoking excess investment, raising the risk of accelerating inflation and boom-and-bust cycles in asset prices. Zhou has resisted calls from Europe and the US to let the yuan strengthen at a faster pace, making China's exports more expensive.
The central bank said, said in a statement posted on its website, that this interest rates adjustment will be conducive to the rational growth of credit and investment; conducive to maintaining a stable price level; conducive to the steady operation of the financial system; conducive to the balanced economic growth and structural optimization, and conducive to promoting sound and fast groth of the national economy.
"The data released in the past week suggests that the economy is not actually slowing and that the government is becoming quite concerned that the economy is disproportionally driven by investment and production," Glenn Maguire, chief Asia economist at Societe Generale SA in Hong Kong, said.
"The central bank will probably raise interest rates again two more times this year," Maguire said. Fixed-asset investment in urban areas climbed 23.4 percent in the first two months, down from 24.5 percent for all of 2006. China still must act to slow investment, Ma Kai, head of the National Development and Reform Commission, the country's top planning body, said last week.
The People's Bank of China, the central bank, raised key savings and lending interest rates from Sunday, March 18, the third time in 11 months in a bid to curb inflation and asset bubbles in the world's fastest-growing major economy.
The one-year benchmark lending rate will be raised to 6.39 percent from 6.12 percent, and the one-year deposit rate will be increased to 2.79 percent from 2.52 percent, according to a statement on the bank's website (www.pbc.gov.cn) .
Central bank Governor Zhou Xiaochuan is concerned that cash from a record trade surplus is stoking excess investment, raising the risk of accelerating inflation and boom-and-bust cycles in asset prices. Zhou has resisted calls from Europe and the US to let the yuan strengthen at a faster pace, making China's exports more expensive.
The central bank said, said in a statement posted on its website, that this interest rates adjustment will be conducive to the rational growth of credit and investment; conducive to maintaining a stable price level; conducive to the steady operation of the financial system; conducive to the balanced economic growth and structural optimization, and conducive to promoting sound and fast groth of the national economy.
"The data released in the past week suggests that the economy is not actually slowing and that the government is becoming quite concerned that the economy is disproportionally driven by investment and production," Glenn Maguire, chief Asia economist at Societe Generale SA in Hong Kong, said.
"The central bank will probably raise interest rates again two more times this year," Maguire said. Fixed-asset investment in urban areas climbed 23.4 percent in the first two months, down from 24.5 percent for all of 2006. China still must act to slow investment, Ma Kai, head of the National Development and Reform Commission, the country's top planning body, said last week.
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