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China hikes again to cool inflation
China’s May industrial output jumped 13.3 per cent from a year earlier, topping forecasts for a 13.2 percent gain, government data showed yesterday. On top of a 34-month high of 5.5 per cent in the consumer price index, the figures were sufficient to convince the central bank to tighten monetary policy. The reserve ratio requirement (RRR) was pushed up for the sixth time this year, in a bid to drain excess liquidity and tame inflation.