China's central bank to tackle inflation
China's central bank aims to reduce explosive inflationary forces with a series of tightening measures to be placed on the credit market.
With consumer inflation having hit an 11-year high of 7.1 per cent, price rise concerns are forcing the growing superpower to take action.
With the vice governor of the People's Bank of China, Yi Gang, vowing to adhere to a conservative policy regardless of changing circumstances, the growth of China's credit industry is set to slow to a manageable rate.
Expectations from Yi on the effect on gross domestic product are a 1.4 per cent reduction in growth, down to 10 per cent this year from 11.4 per cent in 2007, with the International Monetary Fund making similar predictions.
China's booming economy has suffered from the US sub-prime lender crisis, as well as destructive snowstorms that tore through central and southern China earlier this year.
Source: Reuters
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