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(Agencies)
Updated: 2007-12-29 14:01

China's central bank reiterated its pledge to maintain a "tight" monetary policy in 2008 as the government tries to prevent record trade surpluses from fuelling inflation and stoking investment bubbles in the property and stock markets.

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The central bank will continue to use "balanced" monetary policy tools to help manage the world's fastest-growing major economy, Zhou Xiaochuan, the governor of the People's Bank of China, said in a New Year message on the bank's website today.

The gradual change from "prudent" monetary policies to "tight" signals China may raise interest rates further after failing to cool the economy this year.

China's economic growth, which is heading for its highest pace of expansion in 12 years in 2007, is fueling record highs in inflation and benchmark stock indices.

The central bank will further control liquidity and improve the currency exchange mechanism in 2008, Zhou said, repeating earlier statements.

China raised interest rates six times and the reserve ratio 10 times this year after inflation accelerated at the quickest pace since 1996.