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The central bank will use multiple tools, including the interest rate, to improve monetary control and rein in excess liquidity.

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"(We will) use the interest rate in a flexible way and ... gradually bring out the important role of prices in monetary regulation," according to its monetary policy for the fourth quarter of 2006 posted on its website on Friday.

The People's Bank of China said in the report the inflationary pressure was "on the rise", compared with its outlook for the third quarter that inflationary pressure "remained".

It warned that pressure from rising prices was increasing.

Analysts said the central bank may raise the interest rate as the consumer price index (CPI) continues to rise.

The annual CPI growth for 2006 was 1.5 percent on the previous year, but it was 2.8 percent for December, raising concern that the central bank may take measures in the coming months.

Stephen Green, senior economist with Standard Chartered Bank, told the Chinese-language press on Wednesday that there is an 80 percent possibility the bank will raise the rate by 27 basis points in the first half of the year.

Shanghai-based Shenyin and Wanguo Securities said in a recent report that the central bank may raise the rate soon after economic and financial statistics are released in mid-February.

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