中國猛樂冷卻股市,China widens yuan

罕見同步調高利率匯率
中國猛樂冷卻股市 推薦給朋友 列印
updated:2007-05-19 17:58:42 MYT


（北京訊）中國人民銀行週五宣布，同步調整利率和匯率政策，調高存貸款基準利率和存款準備率、並擴大人民幣兌美元交易價的浮動幅度，主要是要冷切過熱的股市和經濟活動，防止一發不可收拾的股市崩盤事件發生。

近期中國全民“股瘋”，已經令市場非常擔心，一旦“熱過度”的股泡沫爆破，不但中國經濟和上億股民受傷，全球的股市也為之“震動”而遭殃；今年2月的全球股災，元凶就是中國股市無預警的調整造成的。


中國行這次下猛葯，三管齊下（調升貨款、存款和匯率），就是防患未然的做法。這是近十年來，中國首次同步調高存貸基準利率和存款準備率，升息主要目的是在替過熱的中國股市降溫。

擴大人民幣浮動幅度

至於人民幣兌美元交易價浮動幅度下周一起也擴大，由0.3%擴大至0.5%，向國際宣示允許人民幣升值幅度加快。

中國罕見地同步推出3項重要雙率政策，主要是加強宏觀調控力度，遏止今年第1季以來快速增加的經濟成長率。

中國自前年7月匯率改革以來，人民幣浮動幅度一直維持在每日0.3%。下週一起，擴大人民幣浮動幅度，可能將加快人民幣升值，有助平衡中國持續擴大的貿易盈餘。

中國中行宣佈今天起，調高金融機構人民幣存貸款基準利率，引導利率上升。6月5日起，調高人民幣存款準備率0.5%至11.5%。

其中，金融機構一年期存款基準利率上調0.279%，調整後為3.06%；一年期貸款基準利率上調0.18%，由6.39%提高至6.57%，為逾8年最高。其他各天期存貸款基準利率也隨之調整。

這是中國中行自2004年以來第5次升息。至於調高存款準備率，則是2006年以來第8次調整。 （星洲日報‧2007.05.19）


Source:http://www.sinchew.com.my/content.phtml?sec=&artid=200705191693



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18-05-2007: China widens yuan leeway, ups rates before US talks
By Eadie Chen & Zhou Xin
Email us your feedback at fd@bizedge.com


China's yuan will be allowed to trade more freely, the central bank announced on May 18 as it also raised interest rates just days ahead of a key meeting with the United States to discuss trade tensions.

The steps, which prompted the yen to jump sharply against the euro and dollar, are likely to be interpreted as both an olive branch to Washington and as a signal that China is serious about keeping the world's fourth-largest economy in check.

The US Treasury welcomed the policy moves but said it would continue to press for greater appreciation of the yuan.

"The Treasury view is that this is a useful step towards greater currency flexibility," US Special Envoy for China Alan Holmer told a news briefing.

The yuan will now be permitted to rise or fall by 0.5% each day, up from a 0.3% margin. The central bank raised its one-year lending rate by 0.18 percentage point and the one-year deposit rate by 0.27.

"The band widening announcement is a gift to the Americans," said Mei Xinyu, researcher with a think-tank under the Ministry of Commerce in Beijing.

"Everybody knew that the band would be widened sooner or later, and announcing it right ahead of the talks is not bad timing. China can maybe ask something back from the US side."

US Treasury Secretary Henry Paulson will play host to a Chinese delegation led by Vice Premier Wu Yi from May 22-23 in Washington to discuss sticking points in trade relations, including the value of the yuan, as part of a "strategic economic dialogue" set up last year.

Paulson, under pressure from Congress, said on May 17 he would keep trying to persuade China to let markets set the value of the yuan.

"They are showing they are willing to show more flexibility but we have to see how the currency will behave," said Marios Maratheftis, currency strategist at Standard Chartered in London, of China's moves. "We still think it will be a gradual appreciation with the new band not being fully used either."

Chairing a meeting of G8 finance ministers near the eastern German city of Potsdam, German Finance Minister Peer Streinbrueck also backed the move. "There has been strong agreement in the G7 circle ... that exchange rates should develop on the basis of the market and that we are not interested in abrupt changes," he said.

The widening of the yuan's band will take effect on May 21, when it will be permitted to rise or fall by 0.5% each day from a mid-point set each morning.

On most days, the yuan ranges less than 0.15% from its dollar midpoint. The biggest move was a 0.28% fall on Aug 15, 2006.

"This is favourable for further promoting the development of the foreign exchange market and will increase the flexibility of the yuan's exchange rate," the central bank said in a statement.

The United States has been pressing China to let the yuan, which critics say is artificially undervalued, to strengthen more quickly as a way of helping to narrow its large trade deficit with China, which hit US$233 billion (RM792.44 billion) last year.

But the central bank reaffirmed its official line that it would keep the yuan basically stable, saying the band widening did not mean that the currency would appreciate significantly.

The currency closed on May 18 at its highest level since it was revalued by 2.1% and untethered from a dollar peg in July 2005. It has appreciated by nearly 5.8% since then.

The central bank also said it would raise both deposit and lending rates, as well as the proportion of deposits that banks must hold in reserve -- a rare parallel step.

The rate changes will take effect on May 19 and will bring the one-year deposit rate to 3.06 from 2.79% and the one-year benchmark lending rate to 6.57% from 6.39.

Markets responded strongly to the news.

The yen, often seen as a proxy for the closely-managed yuan, bounced decisively away from record lows against the euro struck earlier this week.

Early in the New York session, the dollar had slid 0.2% on the day to 120.93 yen, while the euro fell 0.4% to 163.08.

Increasing deposit rates by more than lending rates would help ease the current situation of negative real deposit rates, which has prompted individuals to flock in droves into the country's red-hot stock markets, causing concerns over a bubble.

Trimming the differential between deposit and lending rates would also help discourage banks from giving out loans, thus helping to rein in an investment frenzy, analysts said.

"I think the government just wants to send the market a very clear-cut signal that it is very committed to steering the economy towards safe waters," said Zhu Jianfang, chief economist with China Securities in Beijing.

Banks' reserve requirement ratio would be increased by 0.5 percentage point, effective June 5, the central bank said. That takes the ratio for big banks to 11.5%.

China has now raised interest rates four times since April 27, 2006, and reserve requirements eight times since June 2006. -- Reuters


Source: http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_9fae16ca-cb73c03a-186f3b30-c2cff848