男友太凶猛1v1高h,大地资源在线资源免费观看 ,人妻少妇精品视频二区,极度sm残忍bdsm变态

  Home>News Center>China
       
 

China hikes interest rate on US dollar deposits
By Chuan Yu (China Daily)
Updated: 2005-12-28 06:32

China raised interest rates on US dollar and Hong Kong dollar deposits yesterday, a move that analysts say is a response to higher interest rates on the international market.

The People's Bank of China, the central bank, raised the upper limit for rates on one-year US dollar deposits to 3 per cent from 2.5 per cent. The ceiling on one-year Hong Kong dollar deposits was increase by 25 basis points to 2.625 per cent.


A clerk counts US dollar notes deposited by a customer at an office of the China Communications Bank in Haian, east China's Jiangsu Province December 28, 2005. [newsphoto]
The adjustments become effective Wednesday.

This is the fifth time the Chinese central bank has raised interest rates on key foreign currency deposits this year, following a similar but smoother upward curve of rates in the United States. The dollar rate ceiling was a much lower 0.875 per cent at the beginning of the year.

"Looking at the whole year, the policy intention is quite clear," said Zhang Xuechun, a Beijing-based economist with the Asian Development Bank.

Although China's monetary authorities do not give details about every policy move, Zhang said yesterday's hike was an effort to keep pace with the rate-hiking wave by the Federal Reserve in the United States. It would keep interest differentials from widening too much.

The Federal Reserve raised its target for its federal funds rate by 25 basis points earlier this month to 4.25 per cent, the 13th rate hike since June last year.

Zhang said another reason for the Chinese move was to encourage local residents to deposit more in foreign currencies instead of in the Chinese currency, the renminbi, to help reduce the upward pressure on the local currency.

"After the exchange rate reform, interest rate policy must be more responsive to smoothen exchange rate fluctuations," Zhang said.

China announced a long-awaited exchange rate reform in July 21, allowing the renminbi to appreciate by 2 per cent and linking the currency to a basket of foreign currencies instead of the US dollar alone.

Expectations for further renminbi appreciation remain strong, as major trading partners keep pressing China for a stronger renminbi, which they believe is undervalued.

The renminbi has been on an upward trend against the dollar since the reform, although movements in both directions are frequently recorded.

(China Daily 12/28/2005 page10)



President Hu meets with HK chief
Armed police training in Xiamen
Chagan Winter Fishing Festival
  Today's Top News     Top China News
 

City dwellers expect pay rises, new jobs in 2006

 

   
 

Hu pledges support for Hong Kong democracy

 

   
 

Japan stance on Taiwan, history sours ties

 

   
 

Spending on HIV/AIDS prevention set to double

 

   
 

China hikes interest rate on US dollar deposits

 

   
 

Ex-minister sentenced to life term for bribery

 

   
  Japan stance on Taiwan, history sours ties
   
  Girl survives 4-day ordeal in dirty ditch
   
  Killer of house seller receives death sentence
   
  Blast victims out of danger in Dujiangyan
   
  Fifty-two year old man undergoes transsexual operation
   
  Energy security situation complicated in China
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  News Talk  
  It is time to prepare for Beijing - 2008  
Manufacturers, Exporters, Wholesalers - Global trade starts here.
Advertisement
         
主站蜘蛛池模板: 越西县| 汽车| 璧山县| 南宫市| 罗定市| 卢龙县| 桐乡市| 十堰市| 渑池县| 蕲春县| 修水县| 永定县| 永顺县| 和平区| 安庆市| 游戏| 余姚市| 太谷县| 沁水县| 吴桥县| 唐河县| 福安市| 上思县| 凉山| 鹤庆县| 满城县| 夏津县| 朝阳区| 洞口县| 元谋县| 旬阳县| 阿图什市| 盐津县| 宣武区| 榆社县| 佛教| 东港市| 商丘市| 绍兴市| 锡林郭勒盟| 临夏县|