China raises interest rates to slow inflation The People s Bank of China, the central bank, raised key savings and lending interest rates from Sunday, March 18, the third time in 11 months in a bid to curb inflation and asset bubbles in the world s fastest-growing major economy. The one-year benchmark lending rate will be raised to 6.39 percent from 6.12 percent, and the one-year deposit rate will be increased to 2.79 percent from 2.52 percent, according to a statement on the bank s website (www.pbc.gov.cn) . Central bank Governor Zhou Xiao chuan is concerned that cash from a record trade surplus is stoking excess investment, raising the risk of accelerating inflation and boom-and-bust cycles in asset prices. Zhou has resisted calls from Europe and the US to let the Yuan strengthen at a faster pace, making China s exports more expensive. The central bank said, said in a statement posted on its website, that this interest rates adjustment will be conducive to the rational growth of credit and investment. conducive to maintaining a stable price level. conducive to the steady operation of the financial system. conducive to the balanced economic growth and structural optimization, and conducive to promoting sound and fast growth of the national economy. "The data released in the past week suggests that the economy is not actually slowing and that the government is becoming quite concerned that the economy is disproportionally driven by investment and production," Glenn Maguire, chief Asia economist at Societe Generale SA in Hong Kong, said. "The central bank will probably raise interest rates again two more times this year," Maguire said. Fixed-asset investment in urban areas climbed 23.4 percent in the first two months, down from 24.5 percent for all of 2006. China still must act to slow investment, Ma Kai, head of the National Development and Reform Commission, the country s top planning body, said last week. 中国提高利率是为了减缓通货膨胀的压力 为了努力控制世界发展最快的大国经济的通货膨胀和经济泡沫，中国人民银行即中央银行，从星期日（3月18日）开始在11个月中第三次提高储蓄和借款利率。据银行网站(www.pbc.gov.cn)报道, 一年期的贷款利率将从6.12升至6.39, 一年期的存款利率将从2.52升至2.97。 中央银行行长周晓川担心，创记录的贸易顺差带来的资金加剧了已经过度的投资，从而使中国面临着加速通货膨胀和经济繁荣与萧条之交替循环的更大危机。周晓川一直抵抗着欧洲和美国政府的要求，以更快的步伐增大人民币的价值，以使中国的出口商品更加昂贵。 据其网站上的发布，中央银行表示这次的利率调整将有益于信贷和投资的发展，有益于保持平稳的物价水平，有益于财政体系的稳定运转，有益于平衡的经济增长和结构优化，有益于国民经济健全和快速地增长。 “过去一周发布的资料显示，实际上国民经济百考试题并没有减慢。政府现在已经非常重视由于投资和生产带来的不平衡经济，”一位重要的亚洲经济学家Glenn Maguire，在香港召开的Societe Generale SA会议上说，“中央银行可能在本年内再度两次提高利率。” 国家最高计划部门即国家发展改革委员会的领导人马凯上周谈到，城区固定资产的投资在最初两个月升高了23.4%，之后的整个2006年从24.5%回落。中国仍必须采取行动减缓投资。