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The central bank raised interest rates yesterday for the fourth time this year to control money supply and rising prices.
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The central bank raised interest rates yesterday for the fourth time this year to control money supply and rising prices.
Effective today, the interest rate on bank deposits is raised by 27 basis points, and the lending rate by 18 basis points, the People's Bank of China (PBOC) said on its website.
After the hikes, the benchmark one-year deposit rate is 3.6 percent while one-year lending rate is 7.02 percent.
The demand deposit interest rate remains unchanged at 0.81 percent.
The central bank said the move is aimed to "control money supply and credit, and stabilize inflation expectations".
The annual growth in the broad measure of money supply, M2, grew by 18.5 percent in July, 1.42 percentage points higher than in June and the fastest this year.
The annual growth in the consumer price index (CPI) surged to 5.6 percent in July, the highest in a decade.
"The interest rate hikes, therefore, are in line with expectations," said Zhao Xijun, finance professor at Renmin University of China.
"The authorities may fear the high inflation, driven mainly by rising food prices, may lead to more general price spikes and spill over to other sectors," he told China Daily.
The series of revisions in the lending rates are aimed at reducing bank lending, said Hu Shaowei, senior economist with the State Information Center.
"By raising the lending rates by a smaller margin, policymakers aim to prevent banks from providing too much credit, which has pushed fixed-asset investment growth," he told China Daily.
In the first seven months, new banks’ loans amounted to 2.77 trillion yuan ($364.5 billion), already exceeding the authorities' target of 2.5 trillion yuan for 2006.
The annual growth rate in urban fixed-asset investment, meanwhile, rose to 26.6 percent in the first seven months, 2.1 percentage points higher than the growth rate last year.
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(China Daily) |
昨日，央行年內第四次上調利率，以控制貨幣供給量和物價上漲。
據央行在其網站上公布，自今日起，銀行存款利率上調0.27個百分點，貸款利率上調0.18個百分點。
一年期存款基準利率和一年期貸款基準利率分別上調至3.6%和7.02%。
活期存款利率保持不變，仍為0.81%。
據央行介紹，這一舉措主要是為了“調控貨幣供給和信貸投放及穩定通脹預期”。
七月份我國廣義貨幣（M2）供應量年比增長18.5%，比六月份高1.42個百分點，是截止目前年內增長最快的一個月。
七月份的消費者物價指數年比上漲5.6%，創十年來新高。
中國人民大學金融學教授趙錫軍說：“所以，加息是意料之中的事。”
他在接受《中國日報》采訪時說：“政府可能擔心主要由食品價格上漲引發的通脹會導致總體物價上漲，以及對其它領域造成影響。”
國家信息中心高級經濟師胡紹偉說，年內貸款利率的連續數次上調主要是為了減少銀行貸款量。
他在接受《中國日報》采訪時說：“政府想通過微提貸款利率，控制銀行過度放貸。大量銀行貸款推動了固定資產投資的增長。”
今年前七個月，銀行新增貸款量達到2.77萬億元，已超過政府2006年制定的2.5萬億元的上限。
同時，城市固定資產投資量前七個月年比增長26.6%，比去年高出2.1個百分點。
（英語點津姍姍編輯）
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