Filed under: International markets, Other issues, China, Economic data, Commodities
China announced Wednesday it will tighten its monetary policy in 2008 for the first time in a decade to slow its surging economy, Channel News Asia reported Wednesday.
China said it would shift monetary policy from prudent to tight, but gave few specific details regarding the policy.
At the same, The Wall Street Journal reported that China’s State Information Center, a think tank under the National Development and Reform Commission, said in a report published in the China Securities Journal that China should let the dollar-yuan rate move as much as 1% above or below the central parity rate [subscription required] in each daily trading session, up from 0.5% now.
China’s sizzling economy has grown by over 10% annually for more than four years, and many economists expect another double-digit GDP gain in 2007, despite the Chinese government’s effort to cool the economy. In 2006, China’s GDP totaled $10.2 trillion in purchasing power parity terms and $2.5 trillion in real terms, according to research by the U.S. Central Intelligence Agency.
Continue reading China takes another step to slow sizzling economy
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