China’s Central Bank Chief Reaffirms Tight Money Policy for 2008 – Reuters

28yuan265.jpg From Reuters via International Herald Tribune:

China’s central bank will implement a tight monetary policy in 2008, using a range of tools to keep a check on liquidity, the central bank governor, ?Zhou Xiaochuan , reaffirmed.

The People’s Bank of China has waged a war on excess liquidity and in 2007, raising interest rates six times and increasing the proportion of deposits that banks must hold in reserve 10 times, to a record level. Still, annual consumer inflation is running at the quickest pace in over a decade, and many economists are concerned that it could spill over from food into the broader economy. [Full Text]

[Image: Chinese officials have been hinting that the country’s leadership sees advantages in a stronger yuan., by Diego Azubel from European Pressphoto Association.]

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