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Beijing (AFP) Nov 19, 2010 China's central bank said Friday it would raise the amount of money that lenders must keep in reserve as officials step up efforts to contain rising inflation and soaring housing costs. The People's Bank of China said in a one-line statement on its website that the reserve ratio would be raised by 50 basis points, effective November 29. The hike is the fifth this year and the second this month, highlighting growing concerns among top leaders that rampant bank lending is fanning inflationary pressures in the economy. The latest move to rein in lending comes after the nation's consumer price index rose 4.4 percent year-on-year in October, beyond the official full-year target of three percent and the fastest rate since September 2008. China's stability-obsessed leaders are worried that food and house prices are rising too fast and could lead to social instability. Beijing said Wednesday it may intervene to control spiralling inflation as it announced guidelines aimed at ensuring stable prices and supplies of key products such as vegetables, grain, coal and other energy sources. High inflation has a history of sparking unrest in China and the government has already taken a range of steps to put the brakes on rising prices, including hiking interest rates last month for the first time since 2007.
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Chinese, Indian growth easing, weak yuan a danger: OECDParis (AFP) Nov 18, 2010 Emerging Asian giants China and India are set for further high growth, but the weakness of the yuan is a grave threat to emerging economies in the region, the OECD said on Thursday. The South Korean economy is also set to expand at a brisk pace, but Japan's economy will slow significantly, the OECD said in its six-month outlook for leading economies. The OECD's chief economist Pier Carlo ... read more |
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