China Still Faces Inflationary Pressure, Central Bank Says
China still faces “large” inflationary pressure and the central bank will maintain a “prudent” monetary policy, the People’s Bank of China said today.
“We must pay close attention to the latest international and domestic economic and financial trends and influences, and implement a prudent monetary policy,” the central bank said in a statement after a meeting of its monetary policy committee.
Premier Wen Jiabao said last month the government would have difficulties meeting its annual 4 percent inflation target although the overall level of prices is “controllable” and is expected to drop steadily. Surging vegetable and pork prices, and higher wages and raw-material costs may have pushed consumer-price gains to an almost three year high in June.
Inflation likely accelerated to 6.4 percent last month, a figure likely to prompt the fifth increase in interest rates since October, according to UBS AG China economist Wang Tao . China International Capital Corp. economists estimate prices may have jumped 6.2 percent in June compared with 5.5 percent in May that was the fastest in 34 months.
In an article published today, central bank Governor Zhou Xiaochuan indicated that tackling inflation remains the government’s priority. He reiterated government pledges to improve the nation’s exchange-rate mechanism.
Exchange-Rate FlexibilityThe PBOC aims to “enhance exchange-rate flexibility and maintain the basic stability of the yuan’s exchange rate at a reasonable and balanced level,” Zhou wrote in a commentary in the latest edition of China Finance, a magazine published by the central bank.
Yuan forwards rose for a fifth day, the longest winning streak since March, on speculation policy makers will combat inflation by letting the currency appreciate.
The People’s Bank of China set the currency’s reference rate 0.04 percent higher at 6.4661 per dollar, the strongest level since July 2005.
“Curbing inflation remains the focus of the Chinese government policy this year,” said Tommy Ong, senior vice- president of treasury and markets at DBS Bank ( Hong Kong ) Ltd. “As interest-rate hikes and administrative measures harm economic growth, China would opt to let the yuan rise faster to lower imported inflation.”
Echoing comments from the monetary policy committee, Zhou said the central bank will continue with its prudent monetary policy while keeping prices stable.
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Zhou also said China needs to improve the regulatory system governing systemically important financial institutions and use various market-oriented tools to manage liquidity in a bid to “prevent big swings in economic growth”. The central bank will
In the largest bailout in modern Russian history, Bank of Moscow, the country's fifth-largest bank, will receive up to $14 billion in state-backed loans after the discovery that almost a third of the bank's assets are "problematic," the Central Bank
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As the controversy over the introduction of non-interest banking, otherwise known as Islamic banking by the Central Bank of Nigeria (CBN) rages on, the apex bank governor, Malam Sanusi Lamido Sanusi has dared the critics of the new banking system.
The seven-day repurchase rate fell for a second day after the central bank added 586 billion yuan ($90.7 billion) to the banking system in the past seven weeks. “The decline in the PMI spurred worries about an economic slowdown,” said Liu Linan,
Aaron Russo – Architecture Of A Prison Planet (Pt. 7) | You Are a ...
Part 7 Aaron Russo gives Alex Jones a historic interview about the direction of America including inside information from his personal relationship with Nick Rockefeller. This discussion about the Federal Reserve central banking system, the 9/11 cover-up, and much more should be seen by everyone. RIP Aaron Russo For more information on the topics discussed in this interview, watch Aaron Russo’s own documentary “America: Freedom To Fascism” for free on google video: video.google.com freedomtofascism.com http www.republicmagazine.com http Alex Jones websites: www.truthnews.us http www.infowars.com http I strongly suggest supporting Ron Paul in the 2008 presidential elections to put an end to the private Federal Reserve central banking cartel. After seeing this interview you should know how important that is to the state of the world. www.ronpaul2008.com
Part 8 Aaron Russo gives Alex Jones a historic interview about the direction of America including inside information from his personal relationship with Nick Rockefeller. This discussion about the Federal Reserve central banking system, the 9/11 cover-up, and much more should be seen by everyone. RIP Aaron Russo For more information on the topics discussed in this interview, watch Aaron Russo’s own documentary “America: Freedom To Fascism” for free on google video: video.google.com freedomtofascism.com http www.republicmagazine.com http Alex Jones websites: www.truthnews.us http www.infowars.com http I strongly suggest supporting Ron Paul in the 2008 presidential elections to put an end to the private Federal Reserve central banking cartel. After seeing this interview you should know how important that is to the state of the world. www.ronpaul2008.com YouInformed – If ‘KOWLEDGE’ is ‘POWER’ ‘QUALITY’ ‘IFORMATION’ is ‘WEALTH’ This series has been uploaded following a request and information received that it was not easily available. If you are aware of a title on any subject which is not generally available, or can’t be found on YouTube – Please contact us and we’ll see […] by xJasonRogersx Government’s Feminist Tyranny Exists Denying Men Their Constitutional Due Process Free Online Articles Directory Why Submit Articles? Top Authors Top Articles FAQ AB Answers Publish Article 0 && $ .browser.msie ) { var ie_version = parseInt($ .browser.
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