In June 2013, short-term interest rates surged temporarily, but this reflects the fact that the Chinese authorities had clearly shown an intention of encouraging financial institutions to strengthen their liquidity risk management in view of rapid credit expansion, in addition to the tightening of the supply-demand conditions for funds toward the  BIS central bankers’ speeches  9  end of the first half of the fiscal year (Chart 27).
This stance of the Chinese authorities will strengthen the quality of economic growth, contributing to stability in the global economy in the medium to long term.