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Chinanews, Beijing, Sept. 18 – The primary goal for the central bank to raise the interest rate is to make it offset1 the inflation. Under this consideration, it is more likely for the central bank to further raise the interest rate in the coming few months. In addition, the central bank might also raise the required reserve ratio, the Bank of China said in its recent monthly report issued on Monday.
As CPI growth rate in August touched a record high point, it is predicted that this might lead to an even greater inflation. That forms the main reason for the central bank to raise the interest rate, the report says. The report predicts that CPI growth rate might reach over 4.5% for the whole year and the central bank might further raise the interest rate in the coming few months. Previously2, the central bank raised the interest rate in order to control the loan release. Now, it seems that offsetting3 the inflation has become a more urgent task for the time being. Facing the booming real estate market, commercial banks find it hard (and they are also unwilling) to curb4 the fast increase of mortgage loans. So it is really hard for the central bank to achieve its goal of capping the newly increased loan release. In future, the central bank might consider raising the required reserve ratio, the report says.
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