New inflation management measures in the air

4月份宏观经济运行数据公布在即 提准加息如箭在弦

China will continue to use price tools to manage inflation expectation, China’s central bank told Xinhua Tuesday.

As inflation and currency appreciation pressures mount, analysts predict the Peoples Bank of China will continue to raise interest rates and increase the required reserve ratio, considered by many experts the best solution for hedging foreign exchange.

Experts expect both rates will be lifted again over the next two months.

Raising bank reserve requirement ratios is based on the excessive liquidity and will not have an upper limit.

"Considering the massive liquidity in May, it is not enough for the central bank count on issuing bills to hedge the foreign exchange," said a trader from a state-owned commercial bank.

The data indicates that the inflation pressure in China is intensifying. The central bank may use interest tools to curb inflation at any time, the trader added.

The nation's consumer price index is expected to have risen more than 5 percent in April. Although food prices dropped slightly last month, non-food prices saw a larger increase than in March.

April macroeconomic and financial data will be released next Wednesday by the National Bureau of Statistics.

据新华社报道，中国央行将继续运用价格调控手段，以管理通胀预期。

分析人士预测，随着通胀和人民币升值的压力继续加大，央行会再次加息和提高存款准备金率。上调存款准备金率仍是对冲外汇占款的最优选择。

专家预测：提准和加息的可能性在5月和6月都存在。

央行再次强调，提高存款准备金率是针对偏多流动性，且不存在绝对上限。

"5月份如此巨量的流动性，仅靠发行央票对冲是不现实的，再次上调存款准备金率已提上议事日程。"一家国有商业银行的交易员称。

数据表明，中国未来一段时间通货膨胀上行压力增大。上述交易员称，利率这个应对通胀最有效的工具也有可能随时再次降临。

据多家机构预测，4月份CPI指数同比增幅仍在5%以上。尽管食品价格环比小幅下跌，但非食品类价格环比上涨高于前期。

下周三（5月11日）国家统计局将公布4月份CPI等宏观数据，当月金融运行数据也将公布。