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By Rong Xiandong (chinadaily.com.cn)
Updated: 2007-07-18 14:42

But both Zhang and Gong Fangxiong, an executive of China research at JPMorgan Chase, believed that issuance of treasury bonds is more likely than the interest rate hike.

Gong explained the growth of bank loans and investment usually slows down in the second half of the year as commercial banks tend to grant more loans in the second half than in the first half. Substantial interest rate rises may therefore not be necessary in the second half and an interest rate hike may be not effective enough to reduce capital liquidity, Gong said.

China has raised the interest rates twice and bank reserve ratios five times so far this year.

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