BEIJING, May 10: China's central bank said on Thursday that credit growth is still too high and needs to maintain a reasonable rate of expansion in the months ahead. The People's Bank of China also said in its first-quarter monetary policy report that it will continue to use open market operations and higher bank reserve requirements to mop up excess liquidity.
The central bank has already raised interest rates three times and reserve requirements seven times since April last year as it watches credit expand rapidly.
