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国执政党共产党3日做出决定，明年中国货币政策将转向“稳健”，此举表明中国政府正式将重点由全力推动经济增长转向对抗通胀。
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北京某珠宝店，顾客正在购物。
巴西央行行长梅雷蒙斯（Henrique Meirelles）说，3日宣布的措施旨在从巴西金融系统抽调约610亿巴西雷亚尔（358.8亿美元），将会对通货膨胀和经济活动产生影响，同时也会影响到利率。
中国对政府经济政策的官方描述从此前的“适度宽松”改为“稳健”，这使得几个月来的逐步转变得到巩固。当美国和其他主要经济体艰难地推动增长时，中国的重点日益转向抑制通胀和资产价格泡沫，在全球金融危机期间及危机之后主导的一些支持性政策也被逐步取消。
中国最高领导层发布的该声明进一步表明，中国政府计划再次加息并采取其他措施控制信贷增长。此举并未直接涉及中国的汇率策略，尽管人民币升值会通过减少进口有效成本解决通胀问题。自6月开始，人民币兑美元汇率已上涨约2.5%，许多分析师认为人民币还会逐步升值。
10月，中国央行近三年来首次调升利率。央行官员不止一次地说，他们希望将贷款激增的宽松信贷政策恢复“正常”。中国共产党最高决策机构中共中央政治局3日作出决定之前，许多经济学家就已经预计，随着政府加大对抗通胀力度，利率将会在明年继续上涨。
自官方数据显示10月份消费者价格指数(CPI)同比增幅达到两年来最高的水平4.4%后，外界就普遍预计政府将会收紧货币政策。
分析师普遍预计，明年中国将推行较低的银行总体贷款目标，并说今年底前中国可能将再次升息或提高存款准备金率。中央政府也对物价上升的社会影响表示出极大的关切，推出一系列措施旨在压低食品等日常必需品的价格。
中国经济今年有望超过日本，成为全球第二大经济体，目前中国已成为全球经济增长更加重要的推动力。最近几个月中国和全球投资者不时感到慌乱，因担心中国遏制通胀的努力也可能会打压经济增长。
但这些投资者似乎从容应对最新声明。上证综指上周五收盘几未变动，交易员说，政策变动已被股市所消化。
与中国一样，拉丁美洲最大经济体──巴西正在采取措施预防经济过热。巴西央行货币政策委员会准备本周举行会议，决定是否调整目前处于10.75%的基本年利率（Selic）。
这将是巴西央行行长梅雷蒙斯最后一次主持利率决策会议，因为他将于明年初卸任，总统当选人罗塞夫（Dilma Rousseff）提名的职业央行官员东比尼（Alexandre Tombini）即将继任央行行长。一些人认为周五的声明是迈向对抗通胀实行更积极政策的第一步。
巴西央行称，将把定期存款的准备金要求从15%提高到20%，并把定期和现金存款的附加要求从8%提高到12%。
梅里尔斯说，这些措施将降低市场中的流动性，并防范形成对未来经济状况不利的泡沫和风险。对于个人消费者两年期以上的贷款，巴西央行将资本要求从11%提高到16.5%。
纽约Brown Brothers Harriman新兴市场策略全球主管Win Thin说，就我们去年所见，各央行在紧缩政策的第一步通常是提高存款准备金率，此后的措施普遍是升息。
Aaron Back
（本文版权归道琼斯公司所有，未经许可不得翻译或转载。）
China will shift to a 'prudent' monetary policy next year, the ruling Communist Party decided on Friday, a move that formalizes the government's change in priorities away from driving all-out economic growth toward combating inflation.
Beijing's move comes as another booming economy, Brazil, took aim against inflation pressures, with its central bank rolling out measures to curb rising prices and fast-moving capital inflows
Brazil's Central Bank President Henrique Meirelles said that directives announced Friday, which aim to withdraw about 61 billion Brazilian reais ($35.88 billion) from the financial system, will have an effect on inflation and economic activity, and would also be felt in interest rates.
In China, the change in the official language used to describe the government's economic policy, from the current 'moderately loose,' solidifies a transition that has taken place over the past several months. At a time when the U.S. and other major economies are struggling to propel growth, China has increasingly focused on containing inflation and asset-price bubbles, and phased out some of the supportive policies that prevailed during the global financial crisis and its aftermath.
The statement, from the top level of China's leadership, buttresses signals that the government plans more interest-rate increases and other controls on credit growth. It doesn't have any direct bearing on Beijing's exchange-rate strategy, although a stronger yuan can help address inflation by reducing the effective cost of imports. The yuan has already risen about 2.5% against the dollar since June and many analysts believe it will continue to rise gradually.
China's central bank raised interest rates in October for the first time in nearly three years. Central bank officials have repeatedly said they want to 'normalize' the easy-credit policies that have led to a lending boom. Even before Friday's announcement by the Politburo, the party's decision-making body, many economists expected interest rates to march higher next year as the government gets tougher on inflation.
Expectations of tighter policy have been widespread since official figures showed the consumer-price index in October rising 4.4% from a year earlier, a two-year high.
Analysts generally expect China to impose a lower target for total lending by banks next year, and have said there could be additional interest-rate or reserve-ratio increases by the end of this year. The central government has also shown great concern over the social impact of higher prices, rolling out a series of measures intended to help lower the cost of daily necessities such as food.
China's economy, on track to surpass Japan this year as the world's second-largest, has become an increasingly significant driver of global growth. Both Chinese and global investors have at times been rattled in recent months by fears that China's efforts to crack down on inflation could also punish growth.
But they seemed to take the latest announcement in stride. The Shanghai Composite Index was almost unchanged Friday and traders said the policy shift was already priced into stocks.
Like China, Brazil is taking steps to prevent its economy -- the largest in Latin America -- from overheating. The monetary-policy committee of Brazil's central bank is preparing to meet next week to decide whether to change the country's reference Selic interest rate, currently set at 10.75% annually.
It will be Mr. Meirelles's final rate-setting meeting, as he will step down early next year to make way for Alexandre Tombini, a career central banker named by President-elect Dilma Rousseff. Some see Friday's announcements as a first step toward a more aggressive policy stance against inflation.
The Central Bank said it would raise reserve requirements on term deposits to 20% from 15% and raise its additional requirements on term and cash deposits to 12% from 8%.
'These measures cut liquidity in the market and prevent the formation of bubbles and risks that could be negative for the future health of the economy,' Mr. Meirelles said. The central bank raised capital requirements on loans to individual consumers that are longer than 24 months to 16.5% from 11%.
'As we have seen during the past year, central banks have often been using reserve requirements as the first step down the tightening path, and such hikes have almost universally been followed by policy rate hikes as well,' said Win Thin, global head of emerging-markets strategy at Brown Brothers Harriman in New York.
Aaron Back
Beijing's move comes as another booming economy, Brazil, took aim against inflation pressures, with its central bank rolling out measures to curb rising prices and fast-moving capital inflows
Brazil's Central Bank President Henrique Meirelles said that directives announced Friday, which aim to withdraw about 61 billion Brazilian reais ($35.88 billion) from the financial system, will have an effect on inflation and economic activity, and would also be felt in interest rates.
In China, the change in the official language used to describe the government's economic policy, from the current 'moderately loose,' solidifies a transition that has taken place over the past several months. At a time when the U.S. and other major economies are struggling to propel growth, China has increasingly focused on containing inflation and asset-price bubbles, and phased out some of the supportive policies that prevailed during the global financial crisis and its aftermath.
The statement, from the top level of China's leadership, buttresses signals that the government plans more interest-rate increases and other controls on credit growth. It doesn't have any direct bearing on Beijing's exchange-rate strategy, although a stronger yuan can help address inflation by reducing the effective cost of imports. The yuan has already risen about 2.5% against the dollar since June and many analysts believe it will continue to rise gradually.
China's central bank raised interest rates in October for the first time in nearly three years. Central bank officials have repeatedly said they want to 'normalize' the easy-credit policies that have led to a lending boom. Even before Friday's announcement by the Politburo, the party's decision-making body, many economists expected interest rates to march higher next year as the government gets tougher on inflation.
Expectations of tighter policy have been widespread since official figures showed the consumer-price index in October rising 4.4% from a year earlier, a two-year high.
Analysts generally expect China to impose a lower target for total lending by banks next year, and have said there could be additional interest-rate or reserve-ratio increases by the end of this year. The central government has also shown great concern over the social impact of higher prices, rolling out a series of measures intended to help lower the cost of daily necessities such as food.
China's economy, on track to surpass Japan this year as the world's second-largest, has become an increasingly significant driver of global growth. Both Chinese and global investors have at times been rattled in recent months by fears that China's efforts to crack down on inflation could also punish growth.
But they seemed to take the latest announcement in stride. The Shanghai Composite Index was almost unchanged Friday and traders said the policy shift was already priced into stocks.
Like China, Brazil is taking steps to prevent its economy -- the largest in Latin America -- from overheating. The monetary-policy committee of Brazil's central bank is preparing to meet next week to decide whether to change the country's reference Selic interest rate, currently set at 10.75% annually.
It will be Mr. Meirelles's final rate-setting meeting, as he will step down early next year to make way for Alexandre Tombini, a career central banker named by President-elect Dilma Rousseff. Some see Friday's announcements as a first step toward a more aggressive policy stance against inflation.
The Central Bank said it would raise reserve requirements on term deposits to 20% from 15% and raise its additional requirements on term and cash deposits to 12% from 8%.
'These measures cut liquidity in the market and prevent the formation of bubbles and risks that could be negative for the future health of the economy,' Mr. Meirelles said. The central bank raised capital requirements on loans to individual consumers that are longer than 24 months to 16.5% from 11%.
'As we have seen during the past year, central banks have often been using reserve requirements as the first step down the tightening path, and such hikes have almost universally been followed by policy rate hikes as well,' said Win Thin, global head of emerging-markets strategy at Brown Brothers Harriman in New York.
Aaron Back
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