China announced that it was raising interest rates.
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The new chief of China’s central bank also said she would tighten controls over the banking system and admitted that there had been a $2-billion fall in foreign exchange reserves. Chen Muhua was switched from minister of foreign trade to heading the People’s Bank of China a week ago as part of government moves to strengthen control over the economy, cut credit and slow wage rises. She said foreign exchange reserves declined to $14.42 billion by the end of 1984, compared to $16.67 billion in September.
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