Text Version
RSS Feeds
Newsletter
Home Forum Photos Features Newsletter Archive Employment
About US Help Site Map
SEARCH   About US FAQ Site Map Site News
  SERVICES
  -Text Version
  -RSS Feeds
  -Newsletter
  -News Archive
  -Give us feedback
  -Voices of Readers
  -Online community
  -China Biz info
  What's new
 -
ICBC report: Chinese banks' reserve ratio to reach 15% in 2008
+ -
08:13, November 12, 2007

 Comment  Tell A Friend
 Print Format  Save Article
The Industrial and Commercial Bank of China (ICBC), the country's biggest lender, is predicting in a recent report that China's reserve ratio requirement for commercial banks will probably reach 15 percent in 2008.

China has raised the reserve ratio for nine times this year to a ten-year high of 13.5 percent in an effort to ease excess liquidity that is pushing the economy to the verge of overheating.

The report from ICBC's Institute of Urban Finance forecast that China's economy would grow at a sizzling pace of 11.3 percent this year, with the full-year inflation rate of 4.5 percent, compared with the government target of three percent.

The central bank was also predicted to raise interest rates for the sixth time this year amid growing concerns over rising inflation, according to the report.

"To make the real interest rate positive as soon as possible, the central bank is likely to raise the benchmark rates by another27 basis points by the end of the year," said the report.

China's commercial banks would lend out a total 3.8 trillion yuan (506.7 billion U.S. dollars) for the whole of 2007, compared with last year's 3.18 trillion yuan, said the report.

The M2, which covers cash in circulation plus all deposits, would grow by 18 percent this year, it added.

Source:Xinhua



  Your Message:   Most Commented:
Yi readies for Yao with win
Defense minister: Norway not to spread its forces in Afghanistan
Germany commits over 48 mln USD in grants for Cambodia

|About Peopledaily.com.cn | Advertise on site | Contact us | Site map | Job offer|
Copyright by People's Daily Online, All Rights Reserved

http://english.people.com.cn/90001/90776/90884/6300501.pdf