Yao Jingyuan News
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China’s money-market rate rose the most in a week as banks retain funds to prepare for cash-reserve requirements at the end of the quarter.
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China’s consumer price index in October will be higher than the growth in September, the China Securities Journal reported today, citing Yao Jingyuan, chief economist at the National Statistics Bureau.
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China must pursue reform to keep its economy “full of vigor” as the demographic advantages that helped boost the nation’s growth wane, said Yao Jingyuan, the former chief economist at the statistics bureau.
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China is set to become the third- strongest member of the International Monetary Fund under a “historical” plan approved by the institution’s board, a position allowing the country to take more “responsibility” in the global economy, the fund’s chief said.
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China’s new five-year development plan makes consumption a priority ahead of investment or exports for the first time, said Yao Jingyuan, chief economist for the country’s National Bureau of Statistics.
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China’s stocks plunged, driving the benchmark index down the most in two months, as the central bank ordered banks to set aside more reserves and rising property prices signaled policy tightening measures may be expanded.
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China’s stocks rose for a third day, as PetroChina Co. and Industrial & Commercial Bank of China Ltd. rallied on speculation a growing economy will bolster earnings for the nation’s biggest banks and energy producers.
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China’s bank reserve-ratio increase doesn’t change the “quite positive” outlook for the nation’s stocks, which will be boosted by the expanding economy and improving earnings, said Royal Bank of Scotland Group Plc.
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China’s passenger-car sales growth slowed in May as falling stock prices eroded wealth and consumer prices rose in the world’s largest automobile market.
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China’s money-market rate rose to a 19-month high on speculation investors were borrowing funds to purchase bonds from Bank of China Ltd. at a sale tomorrow and as the central bank pushed up bill yields to drain cash.
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