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Monetary policy adjustable on economic situation - official

(chinadaily.com.cn)
Updated: 2009-07-31 16:35

An official from the People’s Bank of China reiterated that Beijing will continued its moderately loose monetary policy, but indicated that the bank will make slight adjustments in line with changes of domestic commodity prices and the general economic situation, Xinhua news agency reported.

Prices in China are still “better than expected”, Peng Sen, vice director of the National Development and Reform Commission, said at the China Price Forum, an economic conference held in Hebei Province. But, he did not rule out the possibility that greater liquidity could lead to inflation.

Related readings:  China's central bank reassures on monetary policy  Chinese shares rise on moderately loose monetary policy promise  PBOC reaffirms moderately loose monetary policy  Central bank adheres to moderately easy monetary policy  PBOC rules out monetary policy change

China's consumer price index (CPI), a major gauge of inflation, fell 1.1 percent year-on-year during the first half of this year, according to the National Bureau of Statistics (NBS).

The CPI dipped at an even higher rate in June, falling 1.7 percent, the fifth consecutive month of decline since in February, said the NBS.

Loans also increased dramatically during the first six months of this year, rising to a total of 7.37 trillion yuan. That is triple the amount banks offered in the same period last year.