For those who believe China is in the midst of a property bubble, gripped by inflationary pressure, and struggling to appease irate savers, Tuesday’s 25 basis-point increase in policy interest rates looks pathetic. The new one-year lending rate of 6.06 per cent will not slow borrowing when gross domestic product growth and inflation are 9 and 5 per cent respectively. The new 3 per interest rate on one-year savings accounts will lure few renminbi out of speculation and into the banks.
對那些相信中國正經歷一場房地產泡沫、受制於通膨壓力、官方難以安撫憤怒儲蓄者的人士來說,週二上調政策利率25個基點的行動似乎無力得可憐。在國內生產毛額(GDP)成長和通膨分別達到9%和5%的情況下,6.06%的新的一年期貸款利率不會減緩借貸行爲。同時,3%的新的一年期存款利率不會吸引多少人民幣放棄投機、轉而存入銀行。