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Macro Policy for Cotton Imports

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The People’s Bank of China raised the deposit reserve rate by 0.5 percentage points to 10.5 percent from April 16 onwards. This is the third time this year and the sixth increase of deposit rate since last year.

In addition to the raise on March 18 of the benchmark deposit and lending rates for the first time this year, it shows the determination of the central bank for further contraction in money supply.

Moreover, the central bank also said they will make use of the important role of interest lever to balance economic overheating and curb asset price inflation, according to economic operation in this year. This has increased the expectation of further deflation policy in the future.

In early April, the middle price of RMB exchange rate topped 7.73 mark, a new high since the foreign exchange reform, with a total appreciation closing to five percent.

The state has decided that this year the government will release additional cotton import quotas according to market situation and cotton demand of enterprises in a balanced pace.


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