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China delays interest rate rises
By Zhang Fengming |
March 5, 2010, Friday
|
Online Edition
Online Edition
CHINA'S central bank will adjust policy to meet the 3 percent inflation target for 2010 but needs more time to decide on interest rate rises, central bank deputy governors said today.
"We have lots of means to control prices, including liquidity controls," Su Ning, a deputy governor of the People's Bank of China, said on the sidelines of the National People's Congress meeting today.
China is playing a delicate balance of pumping up the economy without triggering inflation. That's why the central bank has already limited credit to over-capacity sectors and asked banks to put more money on hold to ensure inflation won't lead to rapid credit growth.
China will continue its relatively loose monetary policy and a pro-active fiscal policy this year and will increase the flexibility and sharpness of such policies facing new conditions, Premier Wen Jiabao said in the central government's report to China's parliament today.
Yi Gang, a deputy governor and head of the State Administration of Foreign Exchange, said it's difficult to get a clear and accurate reading of the February data due to the seasonal factor of the Lunar New Year holidays.
When asked about interest rate changes, Yi said: "Wait and see."
"We have lots of means to control prices, including liquidity controls," Su Ning, a deputy governor of the People's Bank of China, said on the sidelines of the National People's Congress meeting today.
China is playing a delicate balance of pumping up the economy without triggering inflation. That's why the central bank has already limited credit to over-capacity sectors and asked banks to put more money on hold to ensure inflation won't lead to rapid credit growth.
China will continue its relatively loose monetary policy and a pro-active fiscal policy this year and will increase the flexibility and sharpness of such policies facing new conditions, Premier Wen Jiabao said in the central government's report to China's parliament today.
Yi Gang, a deputy governor and head of the State Administration of Foreign Exchange, said it's difficult to get a clear and accurate reading of the February data due to the seasonal factor of the Lunar New Year holidays.
When asked about interest rate changes, Yi said: "Wait and see."
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