Saturday, November 9, 2013

China inflation hits eight-month high amid tightening fear

Reuters
November 8, 2013
Photo: money.CNN.com

(Reuters) - China's annual inflation climbed to an eight-month high of 3.2 percent in October as food costs soared, fanning market worries about policy tightening as factory output and investment data pointed to signs of stabilization in the economy.
Inflation, which quickened slightly from 3.1 percent in September, was still lower than a median forecast of 3.3 percent in a Reuters poll and was below the official target of 3.5 percent for 2013.
"Although the CPI inflation was mainly pushed up by seasonal food demand, it may fuel market concerns that the central bank may tighten monetary conditions," said Li Huiyong, an economist at Shenyin & Wanguo Securities in Shanghai.
The People's Bank of China refused to inject liquidity into the money markets during regular open market operations on Thursday, triggering worries it would start a new round of tightening in the next few months, traders said.
Data on Friday showed exports rebounded by more than expected in October, adding to signs the economy has found its footing as Beijing prepares its reform agenda for the next decade.
But few analysts believe the central bank will rush to tighten policy amid the lingering global uncertainties.

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