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|LONDON Homme Air Jordan 12 Retro OVO Blanche Or Pas Cher , Aug. 3 (Xinhua) -- The Bank of England's (BOE) rate-setting monetary policy committee (MPC) took a small step back from hiking interest rates at its August meeting.
The MPC voted 6-2, with the committee one member short, for leaving interest rates unchanged, a less interventionist stance than the 5-3 vote at the June meeting.
The British bank rate has been at 0.25 percent since August last year Homme Air Jordan 11 Retro Blanche Pas Cher , a record low set with a 25 basis point cut to bolster the economy in case of blowback from the Brexit referendum decision.
"The BOE is highly likely to sit tight on interest rates through 2017 and 2018 -- and very possibly beyond," Raj Badiani, senior principal economist at IHS Markit in London told Xinhua.
"The next move in interest rates is likely to be up, the majority of members are reluctant to consider an interest rate hike at a time of prolonged economic and political uncertainties centered on Brexit Acheter Homme Femme Air Jordan 11 72-10 Retro Noir , alongside the limited second-quarter GDP developments appearing to suggest increasingly downbeat firms sitting in their industrial and construction investment plans."
Badiani said he thought the BOE will remain tolerant of inflation above its monetary policy target of 2 percent.
CPI inflation was 2.6 percent in June, having risen from 0.5 percent in May last year following the fall in sterling against other currencies. Such a sharp rise reflected sterling's fall from 1.48 U.S. dollars to the pound on the night of the referendum vote last year to 1.31 U.S. dollars now, having touched as low as 1.22 U.S. dollars in between.
This has led to the rise in inflation, as prices reflect the higher costs of imports and of commodities and raw materials for manufacturers.
Badiani said the MPC would at this critical stage be wary of a policy mistake which would give a negative jolt to the declining rate of British GDP growth.
Inflation falling back to 2.6 percent in June and softer economic data allowed the MPC members concerned about faltering growth prospects to hold the high ground in August over those concerned about breached inflation targets Homme Air Jordan 11 Space Jam Noir Blanche Pas Cher , and this would continue, said Badiani.
The still rising consumer credit levels and the savings rate falling back to a record low of 1.7 percent in the first quarter are likely to provide a supportive argument for those who want to raise interest rates in the near future.
The MPC also voted unanimously to keep the stock of UK Gilts at 435 billion pounds (570.6 billion U.S. dollars) and to maintain the stock of investment-grade corporate bond purchases at 10 billion pounds.
However, the MPC voted unanimously to close the drawdown period for the Term Funding Scheme (TFS) on February 28, 2018 Homme Air Jordan 11 Retro Gamma Blue Noir Acheter , as planned when the scheme began last August as part of the post-referendum economic stimulus measures.
In a separate announcement on Thursday, the BOE unveiled its inflation and GDP forecasts.
The Bank expected investment in the British economy to be 20 percentage points lower in 2020 than it had forecast before the referendum, and it revised down its forecast for GDP growth this year from 1.9 percent to 1.7 percent. Inflation was forecast to peak at 3 percent in October and to fall to 2.8 percent next year.
Uncertainty about the economic prospects as Brexit negotiations unfold was a major reason.
Governor Mark Carney said at a press conference at the BOE's headquarters in London that the British economy was "beginning the process of adjusting to a new and as of yet uncertain economic relationship with the EU."
"Monetary policy cannot prevent the weaker real incomes likely to accompany the move to new trading arrangements, but it can influence how this hit to incomes is distributed between job losses and price rises Femme Air Jordan 11 Retro OG Blanche Noir En ligne , and it can support UK households and businesses as they adjust to such profound change."
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" Sinohydro Corp Ltd now has its first China-educated Angolan graduates working on construction sites in their home country and elsewhere. Provided to China Daily
Often criticized in the Western media for their role in Africa, Chinese companies have begun making changes to improve their image on the continent, increasingly creating jobs for local residents and offering educational opportunities to young Africans.
Sinohydro Corp Ltd, the international arm of the Power Construction Corp of China Femme Air Jordan 11 Retro Legend Blue Pas Cher , is now seeing its first China-educated Angolan graduates working at different construction sites in their home country and abroad.
The Chinese company has been paying the airfares, tuition fees and living allowances of 19 Angolans studying water resources and hydropower engineering at Wuhan University in Central China's Hubei province over the past four years.
Half of them will begin work as assistant engineers at Angola's $100 million water supply project started last year for five of the nine districts in the nation's capital, Luanda. When completed, the 27-month project will provide drinking water to more than 1 million people.
""These projects are vital to the improvement of local people's lives. Therefore we are warmly welcomed by locals Soldes Homme Air Jordan 11 Retro Legend Blue ,"" says Zeng Xingliang, chairman of Sinohydro Corp Ltd.
Like Sinohydro, other Chinese civil engineering and infrastructure companies, such as China Gezhouba Group Co Ltd Homme Air Jordan 11 Retro Doernbecher Noir Blanche Soldes , China Communications Construction Co, China State Construction Engineering Corp and China Road and Bridge Corp, have been dominant players in Africa over the past decade or more.
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