China: Monetary tightening to increase
The People’s Bank of China (PBoC) published on its website last week comments by deputy governor Hu Xiaolian that it will normalise money and credit growth using interest rates, the reserve requirement ratio (RRR) and open market operations. The publication came shortly after prime minister Wen Jiabao said administrative measures such as price controls aren't likely to be enough to curb inflation. It also follows the unexpected surge in CPI inflation in October to a two-year high of 4.4% year-on
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