Bubble, bubble, toil and trouble. While most of the world is still focused on stimulating growth, Asian policymakers are increasingly fretting about new bubbles. Bank of Korea minutes released on Tuesday showed its concern about rising asset prices. On the same day the Reserve Bank of India raised its inflation forecast to 5 per cent – far higher than its medium-term 3 per cent goal – and signalled that it is no longer in pure stimulatory mode. Vietnam has already tightened credit. And China this week ordered banks to make sure their mammoth lending spree funnelled money into the real economy, rather than equities or real estate.
泡沫、泡沫、不憚辛勞不憚煩。儘管世界大部分地區仍專注於刺激經濟成長，但亞洲的政策制定者卻在日漸擔憂新的泡沫。週二發佈的南韓央行(Bank of Korea)會議紀要，顯示出該行對資產價格上漲的擔憂。同一天，印度儲備銀行(Reserve Bank of India)將其通膨率預期調升至5%——遠高於3%的中期目標，並表示，該行已不再純粹追求刺激經濟。越南收緊了信貸。中國本週要求各銀行確保，放貸狂潮引導資金進入的是實體經濟，而非股票或房地產市場。