Arab Today, arab today central bank taming inflation still china\s priority
Last Updated : GMT 01:36:29
Arab Today, arab today
Arab Today, arab today

Central bank: Taming inflation still China\'s priority

Arab Today, arab today

Arab Today, arab today Central bank: Taming inflation still China\'s priority

Beijing - Xinhua

China's central bank said in a monthly report that inflation remained elevated and the authorities will maintain tightening overall credit supply to tame further price rises. The People's Bank of China has earlier ordered the country's major lenders to freeze at least 20 billion (US$3.1 billion) at the central bank, via designated central bank bills, as a "punishment" for lending too excessively in August, media reports said, citing unidentified banking sources. And, the central bank has kept the major lenders' required reserve ratio at a historically high of 21.5 percent to rein in credit supply. "Some factors that drive prices upward have been contained but not yet eliminated, and inflation remains relatively high," the central bank said in a statement on its website Monday. Inflation peaked at 6.5 percent in July, hitting a 37-month high. It cooled down a little bit in August, rising 6.2 percent, said the National Bureau of Statistics last week. Prices of food, including animal meat, eggs, vegetables and fruits, rose 13.4 percent year-on-year in August.The majority of Chinese urbanities, particularly pensioners, are complaining about lowered living standards as inflation has eroded the buying power of their meager salaries. The authorities will continue to prioritize curbing prices and maintain its prudent monetary policy. It reiterated that stabilizing overall price levels remained the top priority of macro-economic regulation, and the country would continue its prudent monetary policy and keep the growth of credit stable and moderate. On Sunday, the central bank said new loans reached 548.5 billion yuan in August, 55.9 billion yuan more than July and 9.3 billion yuan more than the same period last year. "The growth in new loans probably indicates that the monetary policy has been easier to some sectors such as small businesses, but the monetary policy in general has not loosened as inflation is not likely to cool significantly in the near future," the Bank of Communications wrote in an analysis. The report said the central bank will rely more heavily on open market operations to withdraw liquidity, and estimated that new loans will total 7 trillion to 7.3 trillion yuan this year, compared to last year's 7.95 trillion yuan. Peng Wensheng, chief economist with China International Capital Corp, said another interest rate rise is likely this year, most likely this month or in October, to further contain inflation.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today central bank taming inflation still china\s priority Arab Today, arab today central bank taming inflation still china\s priority

 



Arab Today, arab today
Arab Today, arab today US, Britain ban laptops on flights

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Hezbollah commander killed by own men

GMT 07:43 2017 Wednesday ,22 March

Hezbollah commander killed by own men
Arab Today, arab today Tunisian media host praises her new experience

GMT 12:35 2017 Wednesday ,15 March

Tunisian media host praises her new experience
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemeni official warns education is under threat

GMT 12:03 2017 Tuesday ,14 March

Yemeni official warns education is under threat
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Palestinian police wage war

GMT 07:53 2017 Friday ,17 March

Palestinian police wage war
Arab Today, arab today Dalia Mustafa believes in the presence of ghosts

GMT 07:39 2017 Monday ,20 March

Dalia Mustafa believes in the presence of ghosts
Arab Today, arab today Mexico threatens to ditch US corn imports

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection

GMT 16:41 2017 Monday ,20 March

Preserving the memory of glaciers

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 14:17 2017 Monday ,20 March

Cholesterol-slashing drug not impair brain

GMT 17:08 2017 Saturday ,18 March

Reveals secrets of tourism flights to space

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 15:42 2017 Saturday ,18 March

HTC U Play now available in KSA

GMT 22:39 2017 Thursday ,09 March

Zuhair Murad presents his new collection "Resorts"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday