Beijing says inflation can be controlled
Saturday, December 18, 2021 8:10 AM

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Chairman of the China Banking Regulatory Commission Liu Mingkang said inflation, at an annual rate of 5.1 percent in November, would be kept to a "reasonable" level. Speaking at a financial forum in Beijing, he also said monetary policy could slow the economy, but provide it with a "soft landing," the state-run Xinhua news agency reported Saturday.

Liu said a flood of "hot money" from developed economies, was major concern, "If not handled properly."

"Such moves have seriously disrupted the market order and they have adverse effects on the economy. Besides, capital continues to flow into the property market, trying to profit from hikes of asset prices," he said.

In China's consumer price index, food prices generally amount to 33 percent of the calculation. In November, as annual inflation grew to a 28-month high, food prices contributed 75 percent of the annual increase, Xinhua noted.

In response, the People's Bank of China (OOTC:BACHY) has initiated a series of steps to control liquidity in markets. Last week, the central bank raised its reserve requirement for banks 50 basis points to 18.5 percent, making less available for lending. It was the sixth move this year to increase the reserve requirement.

(Source: UPI )
(Source: Quotemedia)
 

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