ADB says China should raise rates to cool economy
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China should raise interest rates to cool the economy and prevent a future buildup of bad loans in the banking system, the Asian Development Bank&#39;s (ADB) Bei-jing representative Bruce Murray said.
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As Fed seems poised to cut rates, Beijing raises them.
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Leaders of major industrialized nations yesterday called on China to let its currency appreciate rapidly, arguing that its current system of manipulating the value of its currency is causing distortions in the world economy.
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The Group of Seven rich nations urged   China on Saturday to let its currency rise faster to help ease   perilous imbalances in trade and backed a rise in the yen to   reflect Japan's strengthening economic recovery.
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In its latest Asian Development Outlook released today, the ADB said GDP growth projections for 2004 have been raised by about half a percentage point in both East Asia and Southeast Asia.
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China's central bank raised interest rates Thursday for the first time in nearly a decade, signaling a deep unease with the breakneck pace of development and an intent to curb fears of runaway inflation.
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China&#39;s economic planners seemed set Monday to take more potent measures to slow the booming economy, as the government reported the key inflation indicator at 5.3 percent in August.
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China's economy is set to grow at a faster-than-expected rate of 10.4% this year, the Asian Development Bank says.
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China could take action on Friday to  cool its red-hot economy by raising interest rates or scrapping  a withholding tax on interest income, analysts said on Friday.
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Beijing, Oct. 28 (PTI): China today raised its interest rates for the first time in nine years to consolidate macro economic adjustment and ensure healthy growth of the economy, the apex bank said here.
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MANILA : The economies of developing Asia can expect gross domestic product (GDP) growth to hit 7.0 percent this year despite rising world oil prices, the Asian Development Bank (ADB) said on Wednesday.
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China said yesterday that its economy grew at an 11.9 percent annual rate in the second quarter of this year, the fastest pace in more than a decade, reigniting fears the economy is overheating.
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BEIJING China has said that cooling its economy and maintaining a stable currency will be the government&#39;s priorities next year.
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BASEL, Switzerland  - Central banks around the world should raise interest rates further to curb inflation pressures, the Bank for International Settlements said on Sunday.
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China&#39;s economy will expand 8.8 per cent in 2004 and eight per cent in 2005, but growth next year may slow to 7.2 per cent if oil prices stay at around $40 a barrel, the Asian Development Bank said on Wednesday.
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The Asian Development Bank (ADB) upgraded its gross domestic product (GDP) growth forecast for the Philippines from 5% to 5.5%, it was learned Wednesday.
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Business News, BEIJING, China&#39;s annual inflation rate dropped sharply in November, providing further evidence that steps to cool the economy are working and reducing the chances in the near term of a fresh rise in interest rates.