The Chinese economy is expected to expand by 9.1 percent in 2011, according to the latest report of Singapore's OCBC Bank, the China Business News reported Wednesday.

China's gross domestic product (GDP) will rise 8.5, 8.8, 9.3 and 9.7 percent in the four quarters of 2011, respectively, OCBC predicted.

Despite the Chinese government's series of newly adopted monetary and administrative policies, China's inflation rate in the first half of 2011 may still stand above 3.5 percent, OCBC said in the report.

The Singapore bank also forecasts that China's central bank will raise the benchmark interest rate twice in the first half year of 2011.

China may set its 2011 target for M2 growth at about 16 percent, OCBC said. In the first 11 months of 2010, the country's M2 rose 20.88 percent compared to same time in 2009.

As for the currency exchange rate, OCBC forecasts China's yuan to appreciate by 3 to 5 percent against the US dollar in 2011.

China's business press carried the story above on Wednesday. China.org.cn has not checked the stories and does not vouch for their accuracy.

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