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Article: Interest rate hike a plus, but more should follow

Article from:
China Daily
Article date:
August 23, 2006
Author:
Copyright

The People's Bank of China has decided to revise upward the bank interest rate, effective August 19.

The interest on one-year bank deposits, for example, has been upped by 0.27 percentage points, from 2.25 per cent to 2.52 per cent. At the same time, the interest rate for one-year loans is also up by 0.27 percentage points, from 5.85 per cent to 6.12 per cent. The interest rates of long-term savings and loans are pushed up by larger margins.

The interest-rate hike is aimed at braking the runaway investment in fixed assets and slowing down the pace at which bank loans expand. All this, in turn, is expected to bring down soaring real estate prices. Ultimately, the measures are hoped to lead ...

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