PBOC says will target 'relatively fast' growth
28 July 2008
The People's Bank of China (PBOC) said on Sunday that it will strive to foster conditions for "relatively fast" economic growth in the following months, AFP reported. "We will use various monetary policy tools to create good conditions for stable, relatively fast growth," the central bank said in a statement on its website, which outlined policy decisions made at its first-quarter policy work meeting. The central bank warned that inflation remains a challenge, saying that "the upward pressure on prices is clear." China's CPI rose 7.9% in the first half on the back of a 20.4% surge in food prices. The bank also reaffirmed its promise to improve its managed foreign exchange regime and increase the flexibility of the yuan's exchange rate.