Friday, August 18, 2006

china erhöht erneut zinsen

fast wöchentlich reagieren die chinesen jetzt auf den kaum noch zu kontrollierenden boom
immobilienblasen: china steuert erneut gegen teigt deutlich das die lage dort wirklich ausser kontrolle geraten ist und dringend reagiert werden muß.
CHINA ONE-YEAR LENDING RATE NOW 6.12%

CHINA ONE-YEAR DEPOSIT RATE NOW 2.52%

CHINA REPORTEDLY UPS ONE-YEAR LENDING RATE BY 0.27%

CHINA RATE HIKE TO TAKE EFFECT AUGUST 19: REPORTS

CHINA SAYS IT'S HIKING RATES TO CURB INVESTMENT GROWTH


CHINA REPORTEDLY UPS ONE-YEAR DEPOSIT RATE BY 0.27%
China Central Bank Raises Deposit, Lending Rates to Cool Growth

Aug. 18 (Bloomberg) -- China raised its benchmark lending rate for the second time this year to curb an investment boom that the government says threatens to fan inflation and leave the nation with surplus manufacturing capacity.

The People's Bank of China raised the one-year lending rate to 6.12 percent from 5.85 percent, according to a statement on the Beijing-based bank's Web site. The one-year deposit rate was raised to 2.52 from 2.25 percent, the first increase in almost two years.

The move came even as economists in the past month pared expectations for an increase, suggesting the government is concerned the world's fastest-growing major economy may overheat. Failure to rein in lending and investment could leave China with idle plants, falling profits and rising bad loans, the World Bank said Aug. 15.

``You want to have higher interest rates in China so that credit goes to more efficient investments and the inefficient investments with low returns are squeezed out,'' Bert Hofman, the World Bank's chief economist in Beijing, said Aug. 15.

President Hu Jintao and Premier Wen Jiabao in July called for intensified efforts to curb a credit-fuelled investment boom that pushed economic growth to 11.3 percent in the second quarter, the fastest in more than a decade.

China's economy has accelerated for three straight quarters, defying a series of monetary and administrative controls aimed at curbing investment, which rose almost 30 percent in the first seven months from a year earlier.

Some Success

Inflation, which has held below 2 percent for more than a year, may begin to accelerate, the central bank said this month. Excluding food costs, consumer prices rose 1.2 percent from a year earlier in June and July, the most since November. (man muß dazu wissen das z.b. energie/benzin preise staatlich reguliert sind und die presiexoplosion nicht weitergegeben worden ist)

The central bank raised lending rates by 27 basis points in April, the first increase in 19 months. It has since twice increased the amount of money banks must set aside as reserves, effectively reducing funds available for lending. The bank also ordered lenders to screen borrowers more carefully and stepped up bond sales to drain money from the financial system.

Economic data for July offered some evidence that the measures are working, with both investment and factory production rising at a slower pace. Gains in property prices also cooled, an Aug. 15 report showed.

The reports prompted some analysts to pare expectations for a rate increase. Seven of 22 economists surveyed by Bloomberg News on Aug. 16 forecast China would raise the lending rate by September, down from 19 in a July 18 poll.

Stronger Yuan

Still, money supply jumped 18.4 percent in July, topping the central bank's growth target for a 14th straight month as a ballooning trade surplus flooded the economy with cash. Outstanding loans were 16.3 percent higher at end of July than a year earlier, the biggest gain in two years. The trade surplus, which tripled to a record $102 billion last year, widened more than 50 percent to $76 billion in the first seven months.

Economists at the International Monetary Fund and the World Bank have said allowing the yuan to rise faster would help China curb its trade surplus, slowing money supply expansion. China abandoned a decade-long peg to the U.S. dollar in July 2005.

Since then, the currency has risen only 1.X percent against the dollar. The central bank has repeatedly said it plans to gradually make yuan trading more flexible.

``A stronger exchange rate dampens domestic growth and addresses the current account surplus at the same time,'' the World Bank said in its Aug. 15 report. It would also encourage investments in services rather than manufacturing, the Washington- based lender said.
gruß
jan-martin

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