PBOC Reiterates Inflation Control Is Its Top Priority
Source: Bloomberg News |
May 4, 2011, Wednesday
|
Print Edition
Print Edition
CHINA'S central bank yesterday said controlling inflation is its top priority.
"Stabilizing prices and managing inflation expectations are critical," the People's Bank of China said in a first-quarter monetary policy report published on its website yesterday. Bank reserve requirements have no "absolute ceiling," the report said, restating an April 16 comment from Governor Zhou Xiaochuan.
Premier Wen Jiabao aims to cool the fastest inflation since 2008 and rein in property prices without undermining the economy's expansion.
China's economic growth and employment are at "reasonable" levels, the PBOC said in the report. It added that it will increase exchange-rate flexibility, control liquidity in the financial system, and use interest rates to manage inflation expectations.
"Given the loose monetary policies of major economies and gradual recovery of the global economy, commodity prices continue to rise, and global inflation expectations are rising significantly," the PBOC said. "China is seeing increasing pressure of imported inflation."
China's Inflation was an annual 5.4 percent in March, exceeding the government's full-year target of 4 percent for a third month.
The country's gross domestic product grew an annual 9.7 percent in the first quarter, and the World Bank last week forecast a full-year expansion of 9.3 percent.
"Stabilizing prices and managing inflation expectations are critical," the People's Bank of China said in a first-quarter monetary policy report published on its website yesterday. Bank reserve requirements have no "absolute ceiling," the report said, restating an April 16 comment from Governor Zhou Xiaochuan.
Premier Wen Jiabao aims to cool the fastest inflation since 2008 and rein in property prices without undermining the economy's expansion.
China's economic growth and employment are at "reasonable" levels, the PBOC said in the report. It added that it will increase exchange-rate flexibility, control liquidity in the financial system, and use interest rates to manage inflation expectations.
"Given the loose monetary policies of major economies and gradual recovery of the global economy, commodity prices continue to rise, and global inflation expectations are rising significantly," the PBOC said. "China is seeing increasing pressure of imported inflation."
China's Inflation was an annual 5.4 percent in March, exceeding the government's full-year target of 4 percent for a third month.
The country's gross domestic product grew an annual 9.7 percent in the first quarter, and the World Bank last week forecast a full-year expansion of 9.3 percent.
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