The country will bring its overall money supply to a normal level with a range of policy tools next year as the government shifts monetary policy from "moderately loose" to "prudent", the central bank said on Friday in a statement on its website, citing Hu Xiaolian, deputy governor.Hu stressed that China is facing pressure due to excess liquidity from home and abroad, and for the next phase the government will work on liquidity controls with a range of policy tools, including open market operations, and adjusting interest rates and reserve requirement ratios.Brian Jackson, economist with the Royal Bank of Canada, believes China will see another 75 basis points of rate hikes in 2011.Wang Tao, chief China economist at UBS Securities, shared a similar viewpoint. "The average CPI will range from 4 to 4.5 percent in 2011, and the inflation risks will be manageable. We expect an increase in interest rates by 75 basis points next year."The expectation of interest rate hikes next year, however, will also attract an inflow of overseas speculative money seeking quick returns.According to the Yellow Book of the World Economy, published by the Chinese Academy of Social Sciences (CASS) on Sunday, the risk of deflation in developed economies and inflationary pressure in emerging economies will further intensify next year, resulting in capital flow from developed to developing countries.The interest rate gap between the United States and India, for instance, has reached 6 percent, according to the book."The scale of hot money flooding into China will definitely increase next year, due to the interest rate gap and the expectation of renminbi appreciation," said Zhang Ming, a senior research fellow of CASS."Stock and property markets are still the two major fields for the inflow of speculative money. China thus faces more pressure in containing asset price growth next year," he added.Foreign investment in China's property sector rose 48 percent to $20.1 billion in the first 11 months of 2010, the Ministry of Commerce said on Dec 15. This is almost three times the 17.7 percent increase in the country's total overseas capital inflow.

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The first family arrived at a chapel at Marine Corps Base Hawaii mid-morning for a multi-denominational service. The Obamas were greeted by about 100 clapping parishioners and a band playing "Joy to the World" as they were led to their seats in the front row.In his sermon, chaplain Steve Moses asked worshippers to recommit to God in the new year. He also joked that the reason God put him through a heart surgery was so he wouldn't suffer a heart attack while preaching before the president.Obama was the first worshipper to take communion, dipping the wafer in wine before placing it in his mouth.hough Obama speaks frequently about his Christian faith, his family rarely attends church services in Washington. The White House says the president hasn't joined a parish because his appearances would be disruptive to the rest of the congregation, though he does attend private services when he spends weekends at Camp David, the presidential retreat.Obama last attended church in September, shortly after a poll was released indicating that a majority of Americans had doubts about the president's religious beliefs.During the hourlong service, Obama and the other churchgoers sang along to a youth band playing Christmas carols such as "Silent Night" and "Oh Holy Night."After church, Obama went golfing on the Marine base despite sporadic light rain.President Barack Obama and his family took a break from their Hawaiian vacation to attend Sunday church services, a rare occurrence for a president who prefers to worship in private.The government will be able to keep inflation in check, Premier Wen Jiabao said on Sunday, after the central bank raised interest rates for a second time in just over two months.The central bank raised one-year lending and deposit interest rates by 25 basis points on Dec 26, after issuing a statement posted on its website on Saturday.Steps taken in the past month, including price controls to curb speculation and monetary tightening, have started to produce results, Wen said in a radio broadcast.The central government has raised the reserve requirement ratio for banks six consecutive times and increased interest rates twice this year to absorb excess liquidity in the market to support healthy economic development.he State Council, China's cabinet, has also been trying to rein in food prices by increasing production of vegetables and other basic goods."I believe we can keep prices at a reasonable level through our efforts. As a major leader of the government, I have the responsibility and I have the confidence, too," Wen said, referring to large grain reserves as well as moves to support production by reducing and waiving taxes.The country is facing inflationary pressure as the consumer price index (CPI), a main gauge of inflation, accelerated to a 28-month high of 5.1 percent in November.

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