Need to raise Chinese rates again stressed

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SHANGHAI, July 24 (AFP): China will need to ratchet up interest rates several more times this year to stop its roaring economy from overheating, a government think tank said in a report published today.
"The risks of overheating in the economy have not been mitigated effectively," said the Macroeconomic Research Institute under the National Development and Reform Commission, the government's top economic planning body.
"With economic growth expected to continue to be very strong in the second half, it is advisable to further raise interest rates several more times in small increments."
The advice, carried in the official China Securities Journal, came after the central bank raised the benchmark lending rate by 0.27 percentage points Saturday.
It was the third interest rate hike this year aimed at cooling an economy that expanded by 11.9 per cent in the second quarter and 11.5 per cent in the first six months of the year, the fastest pace in over a decade.