Central bank to timely fine-tune monetary policy
Source: Xinhua |
May 11, 2012, Friday
|
Print Edition
Print Edition
CHINA will maintain a prudent monetary policy in the months ahead, while timely and appropriately fine-tuning the policy, the People's Bank of China said yesterday.
The government will make its monetary policy more targeted, flexible and forward-looking, said a report released by the central bank to address the country's monetary policy adopted in the first quarter of this year.
The statement came as the world's second-largest economy is trying to cool inflation while sustaining economic growth. Its first-quarter GDP growth hit a nearly three-year low of 8.1 percent caused by sagging exports and domestic tightening efforts.
The economy still has many favorable conditions and positive factors to support steady growth, the PBOC said in the report, citing an improving external market and rapid development in the country's central and western regions.
But it also faces lingering uncertainties, which include a correcting property market that will affect growth in the short term, and fluctuating consumer prices, the report said.
Consumer prices may rebound, as prices of labor-intensive agricultural products, service products and resource products tend to surge on rising labor costs, and a volatile global commodity market has kept imported inflationary pressure in place, the report warned.
The growth of China's Consumer Price Index, a main gauge of inflation, eased to 3.6 percent in March, compared with a nearly-three-year high of 6.5 percent in July. April's CPI data will be released today.
The report also said the PBOC will study steps and approaches to further push market-oriented interest rates, and continue efforts to reform exchange rate policy, including increasing the yuan's two-way floating flexibility and reducing its intervention in foreign exchange market.
The government will make its monetary policy more targeted, flexible and forward-looking, said a report released by the central bank to address the country's monetary policy adopted in the first quarter of this year.
The statement came as the world's second-largest economy is trying to cool inflation while sustaining economic growth. Its first-quarter GDP growth hit a nearly three-year low of 8.1 percent caused by sagging exports and domestic tightening efforts.
The economy still has many favorable conditions and positive factors to support steady growth, the PBOC said in the report, citing an improving external market and rapid development in the country's central and western regions.
But it also faces lingering uncertainties, which include a correcting property market that will affect growth in the short term, and fluctuating consumer prices, the report said.
Consumer prices may rebound, as prices of labor-intensive agricultural products, service products and resource products tend to surge on rising labor costs, and a volatile global commodity market has kept imported inflationary pressure in place, the report warned.
The growth of China's Consumer Price Index, a main gauge of inflation, eased to 3.6 percent in March, compared with a nearly-three-year high of 6.5 percent in July. April's CPI data will be released today.
The report also said the PBOC will study steps and approaches to further push market-oriented interest rates, and continue efforts to reform exchange rate policy, including increasing the yuan's two-way floating flexibility and reducing its intervention in foreign exchange market.
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