SUNDAY, DECEMBER 26, 2010


KLMNO BY LI YANPING China raised interest rates for


the secondtime in10weeksSatur- daytocounter thefastest inflation in the country in more than two years,with additionalmoves seen as possible. The benchmark one-year lend-


ing ratewill rise by 25 basispoints to 5.81 percent and the one-year deposit ratewillclimbbythesame amount to 2.75 percent, effective Saturday, thePeople’sBankofChi-


na said in a one-sentence state- ment onitsWeb site late Friday. Earlier thismonth, economists


had forecast one percentage point’sworth of increases in 2011. PremierWen Jiabao is seeking to slow gains in property and infla- tion that aremaking it harder for families to buy homes and pay for food. Bank lending and a wider- than-forecast November trade surplus have pumped more cash into an economy already awash withmoney. “This demonstrates how deter-


mined the government is to con- trol inflation,” said Wang Qing, a HongKong-basedeconomistwith MorganStanley. “Interest rateson medium- and long-termloans are adjusted by banks at the begin- ning of every year, so by raising rates now, this will have a much greater tightening effect than it would have inJanuary.” Saturday’s interest-rate in-


crease is the first since Chinese leaders on Dec. 3 announced a shift to a “prudent”monetary pol- icy from the “moderately loose”


stance adopted to support the economy amid the global finan- cial crisis. China reported 5.1 percent in-


flation for November, the highest in 28 months. Also in November, exports reached a record $153.3 billion and the trade sur- plus exceeded $20 billion for the fifth time in six months, indicat- ing a recovery in international trade from the global financial crisis. The latest rate increase is aimed at reining in expectations


EZ SU


The World A19 China raises interest rates for second time in 10weeks in effort to slowproperty, inflation gains


of inflationandnarrowingthegap betweengains inconsumer prices and savings rates, Ba Shusong, a researcher at the State Council’s Development Research Center, told state television late Friday after the announcement. The new benchmark one-year


deposit rate of 2.75 percent and the five-year rate of 4.55 percent compare with inflation of 5.1 per- cent inNovember. Concern that the government


would increase interest rates to slowexpansionintheworld’s fast-


est-growing major economy spurredan11percent selloff inthe benchmark Shanghai Composite Index of stocks in November. The index jumped 2.9 percent onDec. 13, thebiggest gainineightweeks, after the central bank ordered lenderstosetasidemoremoneyas reserves tocontrol liquidityrather thanboosting borrowing costs. —BloombergNews


Sophie Leung inHongKong and Fan Wenxin in Shanghai contributed to this report.


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