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��Home>>Business
Whether to raise interest rate depends on CPI figure, bank governor
www.chinanews.cn 2007-06-06 16:37:08
Chinanews, Beijing, June 6 �C Chinese central bank governor Zhou
Xiaochuan said on Monday that whether China would raise interest rate
would depend on the CPI figure in last May. There are many factors that
affect the CPI figure. If any of these factors affects the stability of
the Renminbi value, China will take some measures to handle the problem,
he said.
He made the statement while attending China Top 100 Banks Forum on
Monday. The forum was organized by the British magazine The Banker, the
China Securities Journal reported.
When speaking about the recent price hike in pork, Zhou said the central
government had paid high attention to the rising prices of basic goods
including pork and eggs. However, prices of these goods account for only
a small part of the CPI figure, he said. On the other hand, whether to
raise the interest rate depends on the overall situation of CPI. So the
central government won't consider the interest rate issue until after
June 10 when the National Statistics Bureau releases the general
information about the CPI figure of last May.
The central bank may consider using any monetary means if necessary.
However, the decision of applying these means should be based on economic
figures and the scientific analysis of these figures, Zhou said.
According to the latest information released by the State Development and
Reform Commission, in last May, pork price rose by an average rate of
10.5% in 36 major Chinese cities. In addition, prices of eggs and cooking
oil also rose last month.
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