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Asia's central banks to support growth as inflation checked

Analysts say

REUTERS, Singapore
Asian central banks have rarely been so clear about their interest rate intentions.
The central bank chiefs of China, South Korea and India, Asia's three largest economies after Japan, signalled last week that oil-driven inflation was under control, enabling them to keep borrowing costs down to support their slowing economies.
Analysts said the unanimity among the region's policy makers -- with the exception of Thailand, which raised rates last week for the fifth time in a year despite an economic contraction -- indicated broad-based support for easy monetary policy.
"All of them are pointing to the fact that higher inflation was not because of domestic demand but because of supply factors caused by oil," said Song Seng Wun, a regional economist at Singapore-based brokerage GK Goh Securities.
"The balance is towards an accommodative policy stance."
That stance, which reverses a bias towards tightening in the first and second quarters to douse the effects of surging oil prices, reflected a clear deterioration in the outlook for Asian economic growth since the start of the year.
And even if the central bankers
are not yet talking about cutting rates further, it seems likely that the ultra-low rates that have buoyed regional financial markets could be maintained into the second half.
China's central bank governor, Zhou Xiaochuan, said he would not raise interest rates in the near future.
Bank of Korea Governor Park Seung, after leaving rates at a record low last week, said it was important to keep rates low for the time being to support economic growth.
Reserve Bank of India Governor Yaga Venugopal Reddy said core inflation was "fairly low" and fears about oil prices had moderated.
Asia's economic prospects looked rosier at the start of the year, after 2004 saw the fastest growth in four years. But oil prices soared and have stuck above $50 per barrel while a drought across Southeast Asia has cut farm output. The two factors have combined to drive transportation and food costs higher and forced governments to cut their growth forecasts.
The outlook was clouded further by a slump in global demand for Asia's electronics exports and led to a return of trade and current account deficits in South Korea, Thailand and India.