Food prices moving up the first half set the central bank raised "anti-inflation" – food, prices – Food Industry
With expectations of inflation on the Mainland market heating up, sources, Bank of China held at the weekend meeting, the first time in years: the second half of macro-control to "capital growth" and "anti-inflation" simultaneously, and continue to implement appropriate loose monetary policy. Show that a central decision-making departments have been formally "to prevent inflation," as one of the objectives of macro control in the second half. Economic observers of the recent central bank monetary policy fine-tuning the risk of increased inflation warning, but the central set of "active fiscal policy and a moderately easy monetary policy" (ie "double expansion"), the main tone, the relaxed financial policy Turn the short term is unlikely.
Financial observers said the central bank's statement is the central decision-making department this year for the first time that "anti-inflation", that inflation and asset prices have become more realistic risk. By convention, the judge has approved the Central Government, and in the upcoming mid-year meeting of the Central Political Bureau of the further deployment.
Credit spread of prices rising for 6 months
The first half of this year, mainland New RMB loans 7.37 trillion yuan, far exceeding market expectations loose monetary policy. Jin Bi June consumer price index (CPI) and producer price index (PPI) continues to grow year on year negative growth, but the market's worries about inflation have begun to heat up.
Chinese Academy of Social Sciences Financial Researcher at the Institute high reserve to the newspaper pointed out that the chain of data from the month of view, 4,5 month of some price index has shown a slight upward trend. Industrial chain has prices from April 3 consecutive months starting up, Oil Natural gas, petroleum processing and coking, chemical fiber, non-ferrous metal smelting and rolling processing industry, prices of main products of the chain increases 4 consecutive months. The first half of the Food prices Up for 6 more months, the cumulative increase of 4.9%.
This, before the central bank changed the "just do not tell" policy, through open market operations and window guidance channel, express increased risk of inflation, monetary policy, reveal the meaning of fine-tuning. Early July, the central bank in the open market a one-year central ticket restart, market circles said that the move showed the central bank monetary policy fine-tuning began. Last week, the central bank again after a lapse of nearly two years after the re-start the directional central voting issue, quantitative control of monetary policy tightening signs become apparent.
Recovery of the fragile nature of "capital growth" is still top priority
The other hand, Chinese Premier Wen Jiabao held from 17 to 20, the eleventh meeting of diplomatic envoys, said the current world economy can hardly be bottoming out, the steady rise of the Chinese economy is in a critical period, keep the economy steady and rapid development is still a top priority. Outside note that this is the Premier for the second half set the tone for the latest macro-control position, stated that China will continue to implement the central government enacted economic stimulus policies, the "double expansion" in the same tone.
Economic observers that the temperature always? Focus on the global economic situation, the continued implementation of economic stimulus to make judgments. Bank of the newly proposed "to prevent inflation" is the main tone in the lower to stimulate the economy to fine-tune it and set the tone for the overall temperature is not in contradiction.
Pong consultation analyst Liming Xu said that in the current economic environment, monetary policy is just fine-tuning to make it more moderate. Another expert analysis, China's economy has not fully recovered, "protect the economy" remains the top priority, the second half of the central bank may have some credit control, but not short-term monetary policy shift. As to whether the tone for future monetary policy changes and when the changes may have to wait until the end of the central economic work conference to determine.
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