China’s central bank raised interest rates for the fourth time in five months as the government struggles to reduce bank lending, rein in inflation and slow economic growth.

　　中国央行五个月来第四次加息，政府正努力减少银行信贷、遏制通胀并放缓经济增速。

　　The People’s Bank of China announced it would increase one-year rates by 25 basis points from today, raising the deposit rate to 3.25 per cent and the lending rate to 6.31 percent.

　　中国人民银行宣布，从今天起，一年期基准利率上调25个基点，一年期存款利率升至3.25%，一年期贷款利率升至6.31%。

　　The increase came earlier than many analysts anticipated and suggested that price rises for March, to be published next week, were probably higher than expected. Consumer price inflation in China rose 4.9 per cent in February from a year earlier, the same reading as in January. But politically sensitive food prices accelerated and producer prices increased 7.2 per cent, their biggest rise since October 2008.

　　此次加息比许多分析人士预期的都要早，似乎表明将于下周公布的3月份价格指数大概会高于预期。2月份中国消费价格指数(CPI)增幅达到4.9%，与1月份持平。但具有政治敏感性的食品价格加速上涨，工业品出厂价格指数(PPI)增幅达7.2%，是2008年10月份以来的最大增幅。

　　Analysts remain divided on whether China’s economy is slowing or more action is needed to prevent overheating. The Chinese economy grew 10.3 per cent last year and Beijing has announced plans to bring the headline rate down while trying to encourage balanced and sustainable growth.

　　对于中国经济增速是否在放缓、抑或政府是否仍需采取更多措施防止经济过热，分析人士仍然存在分歧。去年中国经济增速达到10.3%，而政府宣布了旨在降低整体增速、同时试图鼓励平衡且可持续增长的计划。

　　Tuesday’s rate rise “suggests that Chinese authorities are confident in the sustainability of underlying growth momentum”, according to Wang Qing, a Morgan Stanley economist.

　　摩根士丹利(Morgan Stanley)经济学家王庆表示，周二的加息“似乎表明中国政府对于基本增长势头的可持续性充满信心”。

　　Even after the latest increase in official rates, adjusted for inflation the return on bank deposits in China is negative. Beijing has prioritised the fight against inflation amid fears that runaway price rises could lead to social instability in the one-party state. “Inflation is like a tiger: once it is set free it is very difficult to put it back in its cage,” Wen Jiabao, China’s premier, said last month.

　　尽管央行再次加息，但经通胀率调整后的银行存款回报率仍然为负值。在各方担心价格上涨失控破坏社会稳定之际，中国政府已将抗击通胀列为工作重点。中国国务院总理温家宝上个月曾经表示：“通胀就像一只老虎，如果放出来就很难再关进去。”

　　The government predicts that headline inflation will peak around June or July. But official economists made a similar forecast at the start of last year and were proved wrong.

　　政府预计，整体通胀率将在6月或7月达到顶峰。但官方的经济学家们去年初曾经做过类似的预测，而结果证明并非如此。

　　An overabundance of bank credit resulting from the government’s post-crisis economic stimulus package is the main cause of inflation, although officials also blamed “external factors” such as soaring oil prices.

　　政府在金融危机之后采取的经济刺激措施导致银行信贷过剩，是引发通胀的主要原因，尽管官员们归咎于油价上涨等“外部因素”。

　　As well as raising rates, since the start of last year Beijing has increased the proportion of deposits that banks must hold in reserve with the central bank nine times in an attempt to limit the amount they can lend. Large banks are now subject to required reserve ratios of at least 20 per cent.

　　除了加息以外，从去年初至今，中国政府已9次上调商业银行的存款准备金率，试图限制银行的贷款规模。目前大型银行的存款准备金率要求达到20%。