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CHINA'S CENTRAL BANK TO FURTHER TIGHTEN MONETARY POLICY IN 2007.
BEIJING, Jan 1 Asia Pulse - As ample fluidity is expected to last, analysts hold that the People's Bank of China, China's central bank, will continue to strengthen fluidity control in 2007 by employing such tools as central bank bills and the required reserve rate.
In order to reduce excessive fluidity, the central bank net withdrew some 1.2 trillion yuan ($US153.6 billion) in 2006 through open market operations and upward adjustments of required reserve ratio.
The figure included about 771 billion yuan withdrawn through open market operations and 460 billion yuan frozen from three upward adjustments of the required reserve rate totaling 1.5 percentage points.
The 2006 open market operations included regular operations every week and the directional placement of central bank bills on four occasions.
The frequency of retrenching monetary policies hit the highest level in recent years.
Liquidity was extremely excessive in 2006, due to the fast growth of the trade surplus over the past two years.
By November, the gap between bank deposits and ...
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