China's central bank on Wednesday vowed to "steadily guide credit expansion back to normal levels" and strengthen liquidity management in an effort to curb inflation and cool rising inflation expectation.
The central bank will make full use of its policy tools, including the reserve requirement ratio and interest rate, to steer money and lending growth back to normal levels, said Hu Xiaolian, deputy governor of the People's Bank of China (PBOC), according to a statement posted on the central bank's website.
The statement is seen as another signal that the central bank has made taming inflation a top priority after China's consumer inflation rose to 4.4 percent in October, the fastest pace in 25 months. Too much liquidity was regarded as one of the main reasons.
The State Council issued a circular last week introducing a slew of measures, including increasing supplies, to cool inflation.
"The key task of monetary policy currently is to strengthen liquidity management, which is also a main way of normalizing monetary conditions," Hu said.
"Continuous money inflows, as a result of stronger expectation of yuan appreciation, are pushing up goods and asset prices and adding more difficulty to liquidity management," she added.
Hu admitted that the monetary authority is facing a challenge in keeping new loans within the 7.5 trillion yuan ($1.13 trillion) target it set at the beginning of the year, as lending expansion rebounded in recent months due to robust credit demand.
She said domestic lenders should take substantive measures to control the pace of credit growth for the rest of the year and continue to carry out differential mortgage loan policies for second and third home buyers.
Chinese banks extended 6.88 trillion yuan in new loans in the first 10 months of this year, accounting for 90 percent of the country's annual lending target even though there is still more than a month left of 2010.
"Tackling inflation will be an overarching policy priority - the lagging effect of massive monetary expansion in 2009 and 2010 will continue to provide strong tailwinds for inflation in the near term," Wang Qing, chief China economist at Morgan Stanley Asia said in a research note.
The central bank in October raised interest rates for the first time since 2007, a signal that the authority is returning to a "normalized" monetary policy as excessive liquidity fuels price risks. Since then it has twice asked banks to set aside more deposits as reserves to limit their capacity to lend.
"Rate hikes and liquidity management can and need to play a critical role to control inflation expectations and prevent food inflation from spreading to the general economy," Wang Tao, chief China economist at UBS Securities, said. She expects another interest rate hike before the end of the year.
Economists said fighting inflation is likely to become a top government priority next year, and the market is waiting to see what the policy tone will be at the upcoming economic work conference of the Party's central committee.
Policymakers will fine-tune the fiscal and monetary policy next year, if they are assured of the country's economic growth momentum, Cao Yuanzheng, chief economist at Bank of China International, said.
主站蜘蛛池模板： 国产又色又爽又黄的| 在车上狠狠的吸她的奶| 久久综合九色欧美综合狠狠| 欧美日韩视频在线成人| 女神校花乳环调教| 中文字幕在线免费视频| 日韩a毛片免费观看| 亚洲AV无码专区国产乱码电影 | 国产超碰人人模人人爽人人喊 | 老熟妇仑乱视频一区二区| 国产免费啪嗒啪嗒视频看看| 日本尤物精品视频在线看| 国产精品成人一区无码| 91学院派女神| 国语free性xxxxxhd| fc2免费人成在线| 女人18片毛片60分钟| 一区二区免费视频| 成人免费ā片在线观看| 中文字幕在线国产| 成年女人毛片免费观看97| 久久777国产线看观看精品| 波多野结衣变态夫妻| 免费无码AV一区二区三区| 精品国产成a人在线观看| 四虎影视永久地址www成人| 色综合久久91| 国产三级小视频| 野花香高清在线观看视频播放免费| 国产成人无码a区在线观看视频 | 1313mm禁片视频| 国产精品资源站| 91在线丨亚洲| 国产美女91视频| 69视频在线看| 国产精品高清一区二区三区不卡| 91久久偷偷做嫩草影院免| 国产裸模视频免费区无码| 91热久久免费精品99| 国产视频一二三| 16女性下面扒开无遮挡免费|