PBOC trying to cool overheating sectors

The People's Bank of China is seeking to cool overheating economic sectors such as real estate as well as cut its huge foreign exchange reserves, a senior Chinese government official said.

Li Yong, vice minister of finance, also said at the annual Asian Development Bank meeting in Indian that China's economic growth in 2006 could hit 9.5 pct.

"During the first quarter of 2006 we have tried to balance investments in certain sectors," the minister told delegates at the bank meeting, according to