China interest rate hike 'imminent' after central bank bill sale - StanChart |
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Published
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Wed, 31 Oct 2007 01:49
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BEIJING (XFN-ASIA) - The People's Bank of China (PBoC) signalled its intent to continue tightening monetary policy with yesterday's bill sale, Standard Chartered Bank said.'With all the rhetoric and other actions... we think this is signalling an imminent rate hike,' Standard Chartered economist Stephen Green said.Yesterday the PBoC auctioned one-year bills at 3.6055 pct, up from around 3.4554 pct last week.Green noted that the one-year bill rates and the PBoC-administered one-year deposit rates appear to be moving in step.China has already raised the benchmark interest rates five times this year in a bid to curb inflation and cool the economy.jianbo.wu@xfn.com-xfnjbw/xfntmCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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China banks allowed to meet reserve requirement with US dollar holdings - report 