Baku - APA-Economics. Consumer inflation in China rose to its highest level in nearly three years in May, up 5.5 per cent from a year earlier, according to government figures released on Tuesday.
The benchmark consumer price index accelerated from the 5.3 per cent year-on-year rise recorded in April, despite government efforts to rein in liquidity and slow price rises.
In response to the latest rise in inflation, China’s central bank raised the proportion of deposits that banks must hold in reserve for the ninth time since October. The half a percentage point change, effective from next week, takes the bank’s reserve requirement to a record 21.5 per cent.
The central bank has also raised benchmark interest rates on four occasions since October and has used less orthodox tools, including loan quota restrictions for banks to slow their lending.
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