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[考试辅导] China’s central bank to issue 3-y bank bills; latest sign of liquidity tightenin

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发表于 2012-8-16 08:12:37 | 显示全部楼层 |阅读模式
 The People’s Bank of China, China’s central bank, said Wednesday it will issue 15 billion yuan (2.2 billion U.S. dollars) of 3-year bank bills Thursday, another sign the government wants to tighten liquidity.) D7 N; f+ s1 N7 A( n6 e
  The central bank stopped issuing 3-year bills in June 2008 to reverse the economic slowdown.
8 n) H& t7 E/ Y; c. ?3 Z0 u9 x  "The resumption of the issuance of 3-year bills is the latest signal of liquidity tightening," said Liu Yuhui, an economist with the Chinese Academy of Social Sciences.
, i( j% _. t6 T; y! r' W: a9 j! P! {  Experts said the resumption of 3-year bill issuance also relates to the country’s recent strong economic data., _( X* A  G- T8 q4 z9 H& s  |! ~
  China’s Purchasing Managers’ Index (PMI) for manufacturing sectors, which is designed to provide a real-time snapshot of business conditions, rose to 55.1 percent in March, the 13th straight month the index has been above 50 percent.
5 i/ O) D/ [2 E  A PMI reading above 50 percent suggests economic expansion, while one below 50 percent indicates contraction.
0 V9 W8 d) [, R. c+ X2 P; ?  "The resumption in 3-year bill issuance shows the central bank has grown more confident about the economic recovery and is paying more attention to inflation," said He Yifeng, a researcher with the China Institute for Development and Reform at the Central University of Finance and Economics.外语学习网
2 n( A1 n) s- K* ^0 O+ w  "It will help curb credit excesses and ease the pressures for asset price inflation," He said.3 R) a! P1 i) L3 l8 U( @, ?5 L
  He also added the resumption does not rule out the possibility of further rises in deposit reserve ratios, even though the issuance of 3-year bills is an effective tool in curbing liquidity.' S% k; [, h: R$ r
  To ease inflationary pressures, the government ordered banks to increase their reserve ratios to 16.5 percent in February, the third such rise since December last year.
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