As the Economist reported, Consumer prices in China rose at the quickest pace in three years, by 5.5% in May from a year earlier. Politically sensitive food prices surged by 11.7%. The People’s Bank of China increased the reserve requirement for banks for the sixth time this year, the latest step in the central bank’s effort to restrain credit and cool the economy. Separate data showed a sharp fall in new loans issued by Chinese banks in May compared with April.

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