China Still Faces Inflationary Pressure, Central Bank Says

China still faces “large” inflationary pressure and the central bank will maintain a “prudent” monetary policy, the People’s Bank of China said today.

“We must pay close attention to the latest international and domestic economic and financial trends and influences, and implement a prudent monetary policy,” the central bank said in a statement after a meeting of its monetary policy committee.

Premier Wen Jiabao said last month the government would have difficulties meeting its annual 4 percent inflation target although the overall level of prices is “controllable” and is expected to drop steadily. Surging vegetable and pork prices, and higher wages and raw-material costs may have pushed consumer-price gains to an almost three year high in June.

Read Full Article from Bloomberg

- Posted: 2011-07-04 12:26:14

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