Interest rate raised for the 5th time

时间：2007-09-15 06:21:35

（单词翻译:单击）

Sept. 15 - China will raise the one-year deposit and loan interest rates by 27 basis points to 3.87 percent and 7.29 percent respectively from Sep. 15, the central bank announced on Friday.

 

This is the fifth time that China has raised the one-year benchmark interest rates this year in a bid to curb1 rising inflation and tighten2 control over excessive liquidity3.

 

The last interest rate hike came on Aug. 22 when the central bank raised the one-year deposit interest rate by 27 basis points to 3.6 percent and one-year loan interest rate by 18 basis points to 7.02 percent.

 

The move aims to "tighten credit control, rationalize investment and stabilize4 expectation of inflation", the People's Bank of China (PBoC) said in a statement on its website.

 

The latest interest rate hike was anticipated following the announcement that the consumer price index in August rose to an 11-year-high of 6.5 percent, sparking a stock market plummet5 of more than four percent on Tuesday, the largest daily drop since July 5.

 

Central bank governor Zhou Xiaochuan said last week that he would like to see an end to negative real interest rates, a signal of support for more rises in borrowing costs and cooling China's sizzling stock market.

 

Inflation risks pushed up by pork price hikes could not fully6 explain China's frequent use of retrenching7 monetary8 measures, and the major reason lay in the excessive money supply, said Song Guoqing, a researcher with Peking University.

 

To curb excess liquidity, China raised the reserve requirement ratio for a seventh time since this year on Sep. 6 and has issued 800 billion yuan of special treasury9 bonds to buy foreign exchange reserves to finance the planned state investment firm.

 

China's money supply remains10 too much despite a slowdown of M2 in August, said Song.

 

Newly released data of the central bank shows that China's broad measure of money supply, M2, which covers cash in circulation and all deposits, rose by 18.09 percent in August, lower than the 18.48 percent recorded in July, but still above a high level of 18 percent.

 

The central bank figures also indicated that, during the first eight months, China's new renminbi-dominated loans reached 3.08 trillion yuan, nearly last year's total, pushing up urban fixed11 assets investment by 26.7 percent in the first eight months.

 

Bert Hofman, World Bank lead economist12 for China, said more monetary tightening13 measures were required in the near future and should be combined with fiscal14 and structural15 policy measures.

 

"It would minimize possible negative impacts to the macroeconomy for the central bank to raise the benchmark interest rate step by step, rather than a one-time sharp rise by two or three percent," said Guo Tianyong, director of the Banking16 Research Center under the Central University of Finance and Economics.

 

China raised the one-year deposit and loan interest rate by 27 basis points in March, by 27 and 18 basis points respectively in May, by 27 basis points both in July, and reduced the withholding17 tax on interest income to five percent from 20 percent as of Aug. 15.

 
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1 curb LmRyy     
n.场外证券市场，场外交易；vt.制止，抑制
参考例句：
  • I could not curb my anger.我按捺不住我的愤怒。
  • You must curb your daughter when you are in church.你在教堂时必须管住你的女儿。
2 tighten 9oYwI     
v.(使)变紧；(使)绷紧
参考例句：
  • Turn the screw to the right to tighten it.向右转动螺钉把它拧紧。
  • Some countries tighten monetary policy to avoid inflation.一些国家实行紧缩银根的货币政策，以避免通货膨胀。
3 liquidity VRXzb     
n.流动性，偿债能力，流动资产
参考例句：
  • The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
  • The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。
4 stabilize PvuwZ     
vt.（使）稳定，使稳固，使稳定平衡；vi.稳定
参考例句：
  • They are eager to stabilize currencies.他们急于稳定货币。
  • His blood pressure tended to stabilize.他的血压趋向稳定。
5 plummet s2izN     
vi.(价格、水平等)骤然下跌；n.铅坠；重压物
参考例句：
  • Mengniu and Yili have seen their shares plummet since the incident broke.自事件发生以来，蒙牛和伊利的股票大幅下跌。
  • Even if rice prices were to plummet,other brakes on poverty alleviation remain.就算大米价格下跌，其它阻止导致贫困的因素仍然存在。
6 fully Gfuzd     
adv.完全地，全部地，彻底地；充分地
参考例句：
  • The doctor asked me to breathe in,then to breathe out fully.医生让我先吸气，然后全部呼出。
  • They soon became fully integrated into the local community.他们很快就完全融入了当地人的圈子。
7 retrenching dd26d6e22138f6ab52d848722ab53c59     
v.紧缩开支( retrench的现在分词 )；削减（费用）；节省
参考例句：
8 monetary pEkxb     
adj.货币的，钱的；通货的；金融的；财政的
参考例句：
  • The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
  • Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。
9 treasury 7GeyP     
n.宝库；国库，金库；文库
参考例句：
  • The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
  • This book is a treasury of useful information.这本书是有价值的信息宝库。
10 remains 1kMzTy     
n.剩余物，残留物；遗体，遗迹
参考例句：
  • He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
  • The remains of the meal were fed to the dog.残羹剩饭喂狗了。
11 fixed JsKzzj     
adj.固定的，不变的，准备好的；(计算机)固定的
参考例句：
  • Have you two fixed on a date for the wedding yet?你们俩选定婚期了吗？
  • Once the aim is fixed,we should not change it arbitrarily.目标一旦确定，我们就不应该随意改变。
12 economist AuhzVs     
n.经济学家，经济专家，节俭的人
参考例句：
  • He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
  • He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。
13 tightening 19aa014b47fbdfbc013e5abf18b64642     
上紧，固定，紧密
参考例句：
  • Make sure the washer is firmly seated before tightening the pipe. 旋紧水管之前，检查一下洗衣机是否已牢牢地固定在底座上了。
  • It needs tightening up a little. 它还需要再收紧些。
14 fiscal agbzf     
adj.财政的，会计的，国库的，国库岁入的
参考例句：
  • The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
  • The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。
15 structural itXw5     
adj.构造的，组织的，建筑（用）的
参考例句：
  • The storm caused no structural damage.风暴没有造成建筑结构方面的破坏。
  • The North American continent is made up of three great structural entities.北美大陆是由三个构造单元组成的。
16 banking aySz20     
n.银行业，银行学，金融业
参考例句：
  • John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
  • He possesses an extensive knowledge of banking.他具有广博的银行业务知识。
17 withholding 7eXzD6     
扣缴税款
参考例句：
  • She was accused of withholding information from the police. 她被指控对警方知情不报。
  • The judge suspected the witness was withholding information. 法官怀疑见证人在隐瞒情况。

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