日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Finance

Monetary scene unlikely to tighten now

By CHEN JIA | China Daily | Updated: 2021-05-18 08:59
Share
Share - WeChat
A clerk counts cash at a bank in Nantong, Jiangsu province. [Photo/Sipa]

Inflation concerns will not have a major bearing on policies, say experts

Policymakers are unlikely to tighten monetary policies in China despite rising inflation concerns due to the US central bank's dovish attitude toward its ultraloose monetary policy, experts said on Monday.

A stronger rise in China's producer prices in April, indicated by the year-on-year jump of producer price index to 6.8 percent from 4.4 percent in March, has put the monetary policy in spotlight, with concerns that the People's Bank of China, the central bank, may tighten monetary policy amid rising global inflation concerns.

But experts believe that the higher PPI inflation will not be a compelling factor causing PBOC to raise interest rates or constrain credit growth. If there is some inflation pressure on Chinese policymakers, it may be largely imported from overseas, triggered by global factors such as demand stimulus in major developed economies and a shortage in raw material supply due to the lingering novel coronavirus cases, said Wu Ge, chief economist of Changjiang Securities.

Data released last week indicated that consumer prices in the United States rose by 4.2 percent on a yearly basis in April, the biggest rise since 2008, fueling concerns that the US economy is overheating.

The unexpected jump in inflation came before the US Federal Reserve's next policy meeting on Wednesday, and investors expect more cues on the Fed's monetary moves.

By far, the Fed has reiterated that the increase in inflation is a temporary phenomenon, and Fed Chairman Jerome Powell has indicated that it was still "a long way" from withdrawing any monetary support.

Strong growth outcomes and a loose monetary policy in the US make the return of inflation all the more likely. An "inflation overshoot" is among the top downside risks for global economic outlook in the coming months, analysts said.

Economists from US investment firm Morgan Stanley expect the Fed to signal its intentions to taper asset purchases at its September meeting, formally announce it in March next year and start tapering by April in 2022. They expect the Fed to start rate hikes in the third quarter of 2023, after inflation has been sustained at or above 2 percent for some time and the labor market has reached maximum employment.

In China, however, some economic activity indicators in April have shown slower growth, especially in fixed-asset investment and household consumption, although industrial production continued to see steady growth, the National Bureau of Statistics said on Monday.

Beijing may put monetary policy tightening on hold for now and observe the pace of recovery. The probability of a rate hike by the PBOC, or the normalization of monetary policy, has declined, according to Zhang Zhiwei, chief economist of Pinpoint Asset Management.

Attempts to prevent any weakening of domestic demand momentum would pose a dilemma for policymakers, as it will lead to pressure to pursue a more pro-growth macro policy that could increase financial risks and leverage, said Louis Kuijs, head of Asia Economics at Oxford Economics, a British think tank.

Economists said that any policy rate hike or a tightening of the financial conditions in China would increase borrowing costs, weighing on corporate confidence.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 久草青青在线视频 | 欧美aaa级| 久久国产精品毛片 | 日韩久久综合 | 成人久久18免费软件 | 91精品中文字幕一区二区三区 | 日韩午夜在线 | 国产综合精品一区二区三区 | 一级特色黄大片 | 亚洲激情视频在线观看 | 免费观看一级特黄欧美大片 | 亚洲免费黄色 | 成年网站在线播放 | 玖玖精品在线观看 | 午夜精品久久久久久91 | 午夜宫电影 | 黑人操亚洲人 | 欧美一区二区三区大片 | 日本不卡视频在线观看 | 精品国产理论在线观看不卡 | 亚洲狠狠搞 | 欧美日韩一二三区 | 日韩免费在线视频 | 成人在线一区二区三区 | 欧美一级二级在线观看 | 免费的一级毛片 | 手机在线观看亚洲国产精品 | 免费看的黄网站 | 国产亚洲情侣一区二区无 | 国产合集福利视频在线视频 | 中文字幕av一区二区 | 日韩一区二区在线观看视频 | 日本黄色免费网站 | 精品欧美亚洲韩国日本久久 | 天天摸天天干 | 国产精品你懂的在线播放 | 欧美精品一二三区 | 色综合久久婷婷天天 | 亚洲欧美在线播放 | 国产成人精品在线观看 | 日韩中文欧美 |