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China "doing right thing" in raising interest rate
author: 1 [ 2010-12-09 11:32:05 ]

Financial expert Jim Rogers said on Tuesday that China's Central Bank was doing the right thing by raising interest rate to curb inflation in China right now.

"As we may all know that China is facing serious inflation problems. However, the Central Bank of China is doing the right thing to curb the inflation by raising interest rate and commercial banks' required reserve ratio," Jim, chairman of Rogers Holdings, told Xinhua at a press conference held by Thomson Reuters.

Regarding the cause of inflation in China, Jim said he did not know much detail about it but believed it had something to do with the excessive liquidity in the market.

"The massive money coming both domestically and abroad caused the excessive liquidity in the market and pushed up prices," he said.

He also criticized the new round of U.S. quantitative easing policy, saying it was "totally wrong" that the Federal Reserve tried to stimulate the U.S. economy by pumping a large amount of money into the market.

"Printing money only makes things worse, not better," he said.

He also held that the Fed's quantitative easing policy aggravated the inflation problem in China.