PBOC rules out imminent interest rate hike

时间：2007-11-21 06:33:30

（单词翻译:单击）

Nov. 20 - China will not raise interest rates this week, People's Bank of China governor Zhou Xiaochuan has said, amid speculation1 that further monetary2 tightening3 measures would be taken to curb4 inflation and prevent the economy from overheating.

 

The head of the central bank said he was satisfied with the current interest rate level and the country does not need to adjust interest rates too frequently, according to a report in China Securities Journal published on Tuesday.

 

When asked about the possibility of an imminent5 interest rate increase, he said that would not happen during the week of November 19.

 

However, the top banker would not rule out the possibility of another interest rate hike in the long term, said the report.

 

"The interest rate level depends on the economic data," he said. "Therefore we will watch future statistics closely."

 

Zhou's comments came in the midst of growing speculation that the central bank would resort to the sixth interest rate increase this year to curb inflation and prevent the world's fourth largest economy from overheating.

 

In October, the Consumer Price Index (CPI) rebounded6 to an 11-year high of 6.5 percent. That doubles the official target of three percent for 2007. The CPI growth for the whole of this year might be around 4.5 percent, the central bank has estimated in a report.

 

In the first three quarters of 2007, the country registered an 11.5 percent growth in Gross Domestic Product (GDP) on rapid expansion in credit and investment.

 

The rise in the cost of living in China has sparked fears across the Pacific, as that might eventually result in accelerating inflation in the United States.

 

Surging food costs in China could drive wages higher, before pushing China into a broad inflationary spiral, the US-based Investors7 Business Daily quoted some economists8 as saying.

 

That would lead to higher prices for Chinese exports and then lead to inflation in the US, which was the second largest destination for Chinese exports after the European Union.

 

America's October import costs from China rose 2.2 percent, the biggest yearly gain since surveys began in 2004, according to the report. Import prices from China have climbed a record five months in a row.

 
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1 speculation 9vGwe     
n.思索，沉思；猜测；投机
参考例句：
  • Her mind is occupied with speculation.她的头脑忙于思考。
  • There is widespread speculation that he is going to resign.人们普遍推测他要辞职。
2 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。
3 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。
4 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。
5 imminent zc9z2     
adj.即将发生的，临近的，逼近的
参考例句：
  • The black clounds show that a storm is imminent.乌云预示暴风雨即将来临。
  • The country is in imminent danger.国难当头。
6 rebounded 7c3c38746f183ba5eac1521bcd358376     
弹回( rebound的过去式和过去分词 )； 反弹； 产生反作用； 未能奏效
参考例句：
  • The ball rebounded from the goalpost and Owen headed it in. 球从门柱弹回，欧文头球将球攻进。
  • The ball rebounded from his racket into the net. 球从他的球拍上弹回网中。
7 investors dffc64354445b947454450e472276b99     
n.投资者，出资者( investor的名词复数 )
参考例句：
  • a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
  • a cash bonanza for investors 投资者的赚钱机会
8 economists 2ba0a36f92d9c37ef31cc751bca1a748     
n.经济学家，经济专家( economist的名词复数 )
参考例句：
  • The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
  • Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

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