China to increase flexibility of RMB exchange rate

0 CommentsPrint E-mail Xinhua, March 14, 2011
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The current inflation is in part a global issue. Some countries have pursued a quantitative easing monetary policy, which has caused the fluctuations in exchange rates of major currencies and global commodity prices, Wen said.

"International grain price rose 15 percent in the past few months. Oil price jumped to over 100 U.S. dollars per barrel due to the volatile situation in western Asia and northern Africa," Wen said.

The structural inflation is due to rising labor cost and primary goods prices in China, Wen said.

The consumer price index (CPI), the main inflation gauge, went up 4.9 percent in both January and February, but there was a carryover effect of 3.7 percent in February, the premier said.

The inflation, including high consumer and property prices, affect the immediate interests of the people, therefore the government gives the top priority to tackling inflation, Wen said. 

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