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Economy

China should raise rates - central bank adviser

(Agencies)
Updated: 2010-05-12 16:19
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China should raise benchmark deposit rates as a defensive move to stabilise inflation expectations, a central bank adviser said in comments published on Wednesday.

More worrisome than the 2.8 percent rise in consumer prices in the year to April was the 0.2 percent month-on-month increase, said Li Daokui, an academic adviser on the central bank's monetary policy committee.

"This indicates that price trends are extremely serious, requiring a high level of attention," he told the Beijing Morning Post.

Li is one of three academic advisers to the People's Bank of China, a position which gives him knowledge of official thinking but little influence over policy decisions.

A professor at Qinghua University, Li has been relatively hawkish since his appointment as an adviser earlier this year, repeatedly saying that the central bank should consider raising interest rates.

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In his latest comments, Li said that it was important for the central bank to stabilise savers' and investors' expectations by breaking the trend towards negative real rates.

The benchmark one-year deposit rate is currently 2.25 percent.

Many analysts expect consumer prices to continue to climb in coming months and officials have said that it will be a challenge for China to keep average inflation over the full year below 5 percent.