China Inflation Surging Past 6% Poses Growth Challenge for Wen Bloomberg
China ’s inflation accelerated to the fastest pace in three years, highlighting the challenge for policy makers of sustaining growth while taming prices.
The consumer price index increased 6.4 percent in June, the National Bureau of Statistics said yesterday, exceeding the 6.2 percent median estimate of economists surveyed by Bloomberg News.
The world’s second-biggest economy is already cooling after the government curbed lending by boosting lenders’ reserve requirements to a record and raising interest rates five times since September, most recently on July 6. A deeper-than- anticipated slowdown in China would curtail a global expansion imperiled by a potential default by Greece and signs the U.S. recovery is faltering.
China “is in a delicate position right now,” said David Cohen , a Singapore-based economist for Action Economics Ltd. who previously worked at the U.S. Federal Reserve. The government “wants to remain vigilant on inflation, but they don’t want to slam on the brakes too hard,” Cohen said.
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