China to raise reserve requirement ratio

时间：2007-10-15 08:00:10

（单词翻译:单击）


The People's Bank of China
 
BEIJING, Oct. 14 - China will raise the reserve requirement ratio by half a percentage point to 13 percent for commercial banks from October 25, the People's Bank of China (PBOC) announced on Saturday.

 

This is the eighth such move this year and only one month after the seventh hike of half a percentage point on September 25.

 

The move is aimed at "strengthening liquidity1 management in the banking2 system and checking excessive credit growth", the central bank said in a statement.

 

After the eighth rise, the reserve requirement ratio has reached a ten-year high.

 

The move came after the central bank's announcement on Friday that the country's foreign exchange reserve has exceeded 1.43 trillion U.S. dollars by the end of September, up 45.1 percent from the same period last year.

 

A total of 367.3 billion U.S. dollars were added to the country's foreign exchange reserve in the first nine months, 120 billion U.S. dollars more than the increment3 in the entire 2006.

 

The huge foreign exchange reserve is considered the main reason for excess liquidity in China, as the central bank has to spend money to purchase foreign exchange, aggravating4 the problem.

 

Excess liquidity could lead to price hikes and pour more fuel into the sizzling economy.

 

By the end of September, the M2 -- a broad measure of money supply, which indicates the monetary5 demand of the whole country, grew by 18.45 percent from a year ago to 39.31 trillion yuan.

 

China's commercial banks lent out 3.36 trillion yuan in the first nine months, surpassing the full-year figure in 2006.

 

The key economic data, including the GDP and the inflation indicator6, which is to be released later this month, are estimated to remain high. The consumer price index reached a decade-high of 6.5 percent in August, and the GDP raised by 11.5 percent in the first half.

 

Besides a total of four percentage points hike of the reserve requirement ratio, the central bank has reduced the tax on interest income to 5 percent from 20 percent on August 15, and raised the interest rates for five times this year.

 

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点击收听单词发音收听单词发音  

1 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。
2 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。
3 increment o8Cx6     
n.增值，增价；提薪，增加工资
参考例句：
  • Each increment of knowledge tells us more of our world.知识的点滴增长都会增进我们对世界的认知。
  • She receives a salary increment each year.她每年得到加薪。
4 aggravating a730a877bac97b818a472d65bb9eed6d     
adj.恼人的，讨厌的
参考例句：
  • How aggravating to be interrupted! 被打扰，多令人生气呀！
  • Diesel exhaust is particularly aggravating to many susceptible individuals. 许多体质敏感的人尤其反感柴油废气。
5 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。
6 indicator i8NxM     
n.指标；指示物，指示者；指示器
参考例句：
  • Gold prices are often seen as an indicator of inflation.黃金价格常常被看作是通货膨胀的指标。
  • His left-hand indicator is flashing.他左手边的转向灯正在闪亮。

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