CHINA’S GDP GROWTH ACCELERATES TO FASTEST SINCE 2007
Bloomberg, January 21, 2010
China’s growth accelerated to the fastest pace since 2007 in the fourth quarter, capping Premier Wen Jiabao’s success in shielding the nation from the global recession and adding pressure to rein in a surge in credit.
Gross domestic product rose 10.7 percent from a year before, more than the median forecast of 10.5 percent in a Bloomberg News survey, a statistics bureau report showed in Beijing today. Asset-price gains, particularly in property, are creating problems for the government to guide the economy, Ma Jiantang, who heads the bureau, told reporters after the release.
The report stokes speculation the central bank will start raising its benchmark interest rate and tighten restrictions on the nation’s lenders. The one-year swap rate, an indicator of future changes in borrowing costs, climbed and the People’s Bank of China guided three-month bill yields higher for the second time in two weeks.
“Today’s data suggest that tighter policy is just around the corner,” said Brian Jackson, a Hong Kong-based strategist on emerging markets at Royal Bank of Canada. “Policy makers will need to move soon to stop the economy from overheating,” he said, forecasting officials will end an exchange-rate peg and boost interest rates starting this quarter.
Stocks across Asia were mixed today, with Japan’s Nikkei 225 Average rising 1.2 percent at the close and Australia’s Standard & Poor’s/ASX 200 Index falling 0.8%. The Shanghai Composite Index was up 0.5 percent at 2:55 p.m. local time. The one-year swap rate, the fixed cost for receiving a floating rate for 12 months, rose three basis points to 2.32 percent.
Bloomberg, January 21, 2010
China’s growth accelerated to the fastest pace since 2007 in the fourth quarter, capping Premier Wen Jiabao’s success in shielding the nation from the global recession and adding pressure to rein in a surge in credit.
Gross domestic product rose 10.7 percent from a year before, more than the median forecast of 10.5 percent in a Bloomberg News survey, a statistics bureau report showed in Beijing today. Asset-price gains, particularly in property, are creating problems for the government to guide the economy, Ma Jiantang, who heads the bureau, told reporters after the release.
The report stokes speculation the central bank will start raising its benchmark interest rate and tighten restrictions on the nation’s lenders. The one-year swap rate, an indicator of future changes in borrowing costs, climbed and the People’s Bank of China guided three-month bill yields higher for the second time in two weeks.
“Today’s data suggest that tighter policy is just around the corner,” said Brian Jackson, a Hong Kong-based strategist on emerging markets at Royal Bank of Canada. “Policy makers will need to move soon to stop the economy from overheating,” he said, forecasting officials will end an exchange-rate peg and boost interest rates starting this quarter.
Stocks across Asia were mixed today, with Japan’s Nikkei 225 Average rising 1.2 percent at the close and Australia’s Standard & Poor’s/ASX 200 Index falling 0.8%. The Shanghai Composite Index was up 0.5 percent at 2:55 p.m. local time. The one-year swap rate, the fixed cost for receiving a floating rate for 12 months, rose three basis points to 2.32 percent.
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