Interest rates set to climb in China in 2008

The People's Bank of China said on Wednesday that it would step up its fight against inflation by implementing tighter monetary policy controls and utilising other monetary tools in 2008.

The central bank's statement follows comments by Ma Kai, the minister for the China Development and Reform Commission, saying the central bank's monetary policy stance would shift from "moderately tight" to "tight" next year at the annual economic planning conference in Beijing over the weekend.

The central