Zhou concerned about stock bubbles |
文章来源： 文章作者： 发布时间：2007-05-08 07:23 字体： [ 大 中 小] 进入论坛 |
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| May 8 - There is still room to raise reserve requirements for banks after previous hikes failed to slow lending and inflation, the central bank governor has said.
Zhou Xiaochuan also said inflation is manageable but acknowledged he was concerned about bubbles building in the stock market.
China has tried to rein1 in excess liquidity2 in the financial market by raising the reserve requirement ratio, selling central bank bills and raising interest rates over the past year.
But there is surely scope to raise the reserve requirement ratio the amount of money banks must hold with the central bank Zhou told reporters on Sunday on his way to Frankfurt for a meeting of the Bank for International Settlements in Basel, Switzerland.
The People's Bank of China raised the reserve ratio on April 29 to 11 percent from 10.5 percent the seventh time since last July which will take effect on May 15. The central bank has also raised interest rates thrice since last April.
Economists4 forecast the central bank may take further steps to soak up liquidity in the coming months, pushing the ratio to 12 percent or even higher.
They largely base their outlook on China's soaring economy, which has shown few signs of slowing down.
In the first quarter, the gross domestic product grew by 11.1 percent from 10.4 percent in the previous quarter. Inflation reached 3.3 percent in March, the highest in more than two years which breached5 the warning signal of 3 percent set by the central bank.
Meanwhile, banks extended 1.4 trillion yuan ($181.4 billion) of new loans in the first quarter, nearly half the total of last year.
Gao Shanwen, chief economist3 with Anxin Securities, however, said the inflationary pressure is not too grim. The indices of consumer prices, producer prices and investment, are all within acceptable range, he said after the central bank announced higher bank reserve requirements rather than the widely anticipated interest rate hike.
Some economists hold the adjustment in the reserve requirements will lose its effectiveness in taming liquidity as the market has become used to it; and advocated raising the interest rate.
Shen Minggao, an economist with the Citigroup in Beijing, said the hike in the reserve ratio increased the possibility of an interest rate hike in the second quarter.
On inflation, Zhou said the recent acceleration6 was "normal," according to Bloomberg. "We can't say there is no inflationary pressure, but it was not very unexpected."
There is "no evidence that inflation will go out of control," Zhou told reporters in Basel.
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点击  收听单词发音
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1
rein
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| n.疆绳，统治，支配；vt.以僵绳控制，统治 |
参考例句： |
- The horse answered to the slightest pull on the rein.只要缰绳轻轻一拉,马就作出反应。
- He never drew rein for a moment till he reached the river.他一刻不停地一直跑到河边。
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2
liquidity
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| 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。
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3
economist
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| n.经济学家，经济专家，节俭的人 |
参考例句： |
- He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
- He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。
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4
economists
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| n.经济学家，经济专家( economist的名词复数 ) |
参考例句： |
- The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
- Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》
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5
breached
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| 攻破( breach的现在分词 )； 破坏，违反 |
参考例句： |
- These commitments have already been breached. 这些承诺已遭背弃。
- Our tanks have breached the enemy defences. 我方坦克车突破了敌人的防线。
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6
acceleration
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| n.加速，加速度 |
参考例句： |
- All spacemen must be able to bear acceleration.所有太空人都应能承受加速度。
- He has also called for an acceleration of political reforms.他同时呼吁加快政治改革的步伐。
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