新浪首页 > 新浪教育 > PBC: Investment may rebound

PBC: Investment may rebound
http://www.sina.com.cn 2004/11/17 11:45  Shanghai Daily

  China’s central bank said investment in factories, roads and other fixed assets remains high and growth may rebound, suggesting authorities are unlikely to relax loan curbs aimed at cooling the world’s seventh-largest economy.

  Inflation will also continue to be a focus of attention as the central bank seeks to maintain stable growth, the People’s Bank of China said in a third-quarter monetary policy report posted on its Website yesterday. It forecast the consumer price index will average 4.1 percent for the full year, matching the rate for the third quarter.

  China imposed lending restrictions and blocked project approvals for industries such as steel, real estate and automaking this year to slow the world’s fastest-growing major economy. Fixed-asset investment climbed 30 percent from a year earlier in the first nine months, easing from 48 percent in the first quarter.

  The credit clampdown helped to reduce economic growth to 9.1 percent in the third quarter, from 9.6 percent in the second, while inflation slowed to 4.3 percent last month from 5.2 percent in September. The central bank on October 29 raised its benchmark lending rate for the first time in nine years, switching to market-based tools from administrative edicts to help regulate growth.

  The central bank said the economy will continue to slow in the fourth quarter, without giving a forecast. The bank said it will pursue a stable monetary policy and use a variety of tools to maintain reasonable growth.

  As of now, the intensity of fixed-asset investment throughout the country is still high, and there remains a possibility that fixed-asset investment may rebound, it said.

  The central bank said it will keep the yuan basically stable at a balanced and reasonable level, a form of words officials have used repeatedly to douse speculation of a revaluation in the currency, which has been pegged to the dollar for a decade.

  Traders have increased bets that China will let the yuan trade more freely after last month’s rate increase. Cheng Siwei, vice chairman of the National People’s Congress, China’s legislature, said last week that the government may widen the yuan’s trading band in the near future. The yuan at present is allowed to trade within 0.3 percent of its pegged rate of 8.277 to the US dollar.

  The central bank will fine-tune the exchange-rate mechanism, and strengthen and improve the management of foreign exchange, yesterday’s report said. The bank will observe and analyze developments in the global economy and the monetary policies of the central banks of major economies.

  China has said repeatedly that it plans to move to a more flexible currency regime, without giving a timetable. The United States, Japan and other nations have urged China to scrap the peg.

  The yuan would rise to 7.892 in a year if freely traded, forward contracts traded in Hong Kong showed. The implied rate has advanced from 8.009 in late Asian trading on October 27, the day before the central bank announced it would raise lending and deposit rates by 0.27 percentage points.

  In a wide-ranging report, the central bank also said credit growth has been reduced to a reasonable level and that new loans and money supply will increase within its target this year.

  (Bloomberg News)


评论英语学习论坛】【 】【打印】【关闭



Annotation


新闻查询帮助

热 点 专 题
阿拉法特逝世
驻伊美军围攻费卢杰
胡锦涛出席APEC峰会
有影响力企业领袖评选
世界杯预赛国足VS香港
歌手江涛涉嫌携带毒品
车市“小鬼”当家?
今冬采暖季节实用攻略
新北京规划为宜居城市



教育频道意见反馈留言板 电话:010-62630930-5178 欢迎批评指正

新浪简介 | About Sina | 广告服务 | 联系我们 | 招聘信息 | 网站律师 | SINA English | 会员注册 | 产品答疑

Copyright © 1996 - 2004 SINA Inc. All Rights Reserved

版权所有 新浪网
北京市通信公司提供网络带宽