| 摘 要： | To rein in runaway investment, China's central bank, the People's Bank of China (PBOC), took several measures in mid-June, including the most dramatic step of raising the deposit reserve rate by 0.5 percentage point According to Mark A. DeWeaver, who manages Quantrarian Asia Hedge, a fund that invests in Asian equities, the PBOC's measures may lower money supply growth in the short term; that is, the effect of these measures "may be only temporary." He believes that "attempts to slow money supply growth inevitably lead to higher interest rates, which in turn attract foreign exchange inflows." His main ideas follow:
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