China's macro-adjustment difficulty in the second quarter to increase the bank said or raise reserve ratio

Information: The PBOC decided to raise the RMB deposit reserve ratio of the deposit-type financial institutions by 0.5% from May 10, 2010, and the rural credit cooperatives and village banks are not raised. This is the third time this year the central bank raised the renminbi deposit reserve ratio of financial institutions. Sino-New Society Hair Jing Daming Beijing May 21 (Xinhua Jia Jingfeng) Bank of China 21st forecast that in the two quarter of this year, China will face high investment growth, the challenge of increasing inflationary pressure, China's economy will continue to maintain rapid growth in the two quarter, but the year will be "before the high post-low" trend, investment will further reduce the contribution to growth,　　Inflation is supercharged, the policy regulation difficulty increases. BOC released the same day the title of the "Growth rate drop inflation supercharged, the research report of the difficulty of policy regulation and control has analyzed three big uncertainties in the recent economic operation: first, facing the new situation such as price rise, sharp fluctuation of asset price and the decline of economic growth, the orientation of monetary policy is uncertain; second, the trend of RMB exchange rate has great influence　　Third, the real estate trend after the new deal, is "the economic operation of the next period of time the greatest uncertainty." The report predicts that China's external environment will improve in the two quarter, and export growth would accelerate, but because of the weakening of fiscal policy, tightening of monetary policy, high real estate investment growth, the iron-fisted management of backward capacity and the limited investment of related industries will result in high investment growth.　　In addition, inflationary pressures increased further in the two quarter, due to extreme weather damage to agricultural production, rising international raw material prices and warping factors. As the economy continued to rebound in the two quarter, the report is optimistic that the two-quarter employment upturn income increase, consumption will maintain high growth, strong domestic demand, industrial production will run high.　　The tightening of monetary policy, the control of credit scale and the deceleration of investment have also helped to curb excessive price rises.　　The report said that despite the first 4 months of China's economy continued to be good, but from the trend, the first quarter of high growth is unsustainable, two quarters of economic growth downward pressure. On the direction of monetary policy, the report said that the overall tone of moderately loose monetary policy has not changed, but this year began to change from "tight", mainly in the scale of bank credit control, several times to increase reserve requirements and increase the "positive repurchase" strength. The report says it does not rule out the possibility that the central bank will again increase the reserve requirement rate and issue the policy of issuing a vote in the coming period.