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Experts suggest the increase of deposit rates
www.chinanews.cn 2006-07-14 10:47:11
Chinanews, July 14 �C Even the denial by vice governor of the People's
Bank of China (PBOC) Wu Xiaoling could not blow away the market��s
speculation that the central bank would issue new policies to push
forward the foreign exchange reform, said a report in International
Finance News.
Instead, it is more and more expected that the government will publish
new macro-control policies in the market, fuelled by latest statistics.
According to a report released by Morgan Stanley on July 11, China was
expected to raise the deposit and lending interest rates by 27 points and
would further raise these rates at the end of this year.
Analysts said that the further adoption of the control policies depends
on the effect of the policies implemented during the first phase. After
the foreign trade surplus hit the new record high of $14.5 billion, the
data of bank credit further proved that the overheating economy had not
been cooled down by the previous control policies.
Increasing both the deposit and lending interest rates might very
possibly be included in the new control policies. Persons related with
the industry said that the latest increase of the lending interest rates
was criticized for widening the rate gap and stimulating banks to
increase the loans. It is impossible for the central bank only to raise
the lending interest rates, they said, for this will further widen the
interest rate gap as far as the current control effect is concerned.
Some experts said the reason why China was reluctant to raise the saving
interest rate was the strong speculation of RMB appreciation. But now the
Fed has raised interest rates by 25 points again and the market is
expecting another hike in August. So the pressure of RMB appreciation
will not be increased if the deposit rates of RMB are raised by an
appropriate margin.
��China should consider increasing rates �C SDRC
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