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China has favorable conditions to maintain overall price stability: central bank

Xinhua | Updated: 2022-08-12 09:40

Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing, China. [Photo/Agencies]

BEIJING -- China is expected to achieve its inflation control target this year as the country has several favorable conditions to maintain the overall stability of prices, according to the country's central bank.

It is expected that this year's price increases will remain within a reasonable range, achieving the target of an average annual consumer price index (CPI) increase of around 3 percent, the People's Bank of China (PBOC) said Wednesday in its latest quarterly monetary policy report.

In terms of economic fundamentals, China has favorable conditions to keep prices generally stable, the PBOC said, citing the country's stable monetary policy, high food self-sufficiency rate, low linkage of domestic coal and clean energy prices with international markets, and efficient operation of industrial and supply chains.

The central bank also warned of structural inflation pressure, noting that the CPI growth might top 3 percent in a few months.

China's CPI rose 2.7 percent year-on-year in July, official data showed Wednesday.

The report reiterated that the central bank will adhere to a prudent approach in its monetary policy, avoiding a "flood-like" stimulus.

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