China's central bank said it will increase innovation in monetary-policy tools after a report showed that inflation surged to an 11-year high.
China's economy faces “prominent'' problems such as imbalanced international payments and excess liquidity, the People's Bank of China said. The comments were in a five-year plan for the finance industry released today on the central bank's Web site.
“We will further improve monetary policy controls, continue to use quantitative measures, widen usage of price- related policy tools and increase innovation in monetary policy measures,'' the central bank said in the report, without elaborating.
China's economy risks overheating after expanding 11.4 percent in 2007 from a year earlier, the fastest pace in 13 years. Inflation climbed to 7.1 percent last month, the statistics bureau said today.
The government will “better coordinate domestic and exchange-rate policies'' and use “multiple'' tools to control bank lending, the central bank said in the report http://easy-quick-payday-loans.com faxless payday advances.
China will explore more channels for investing the world's biggest foreign-currency reserves, aiming for “higher returns,'' the report said. The nation set up China Investment Corp., a $200 billion sovereign wealth fund, in September.
The report was jointly issued by the central bank, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission and runs from 2006 to 2010.
China will further develop the debt market, especially corporate bonds, according to the statement. It will encourage securities backed by mortgage loans and by projects and explore the sale of municipal bonds to fund public works.
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