Ping An says more rate hikes likely this year

HONG KONG - Ping An of China expects interest rates and bank reserve ratios to be hiked at least once more this year, a move that may potentially benefit the company's earnings, a senior executive said on Wednesday.

Yields in the bond market in China have also reflected the possibility of more rate hikes, said Timothy Chan, chief executive of the asset management arm of Ping An, with more than $100 billion in assets under management.

"We may have one more reserve requirement ratio hike or even an interest rate hike," Chan said. "For us, this is a good time to accumulate."