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‘Overall price level has remained relatively stable’ – State Council holds briefing on China’s economy

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« Deputy Director of the National Development and Reform Commission Cong Liang stated that prices had remained relatively stable in China despite the current global situation – and denied ‘so-called deflation’ had occurred – during a joint briefing in Beijing on Wednesday.
« Against the background of high international inflation, the inflation rate in some countries has reached more than nine percent, and China’s overall price level has remained relatively stable, » he stated.
He added that based on ‘price levels, demand recovery, economic growth and supply of money’ there was ‘no so-called deflation in the Chinese economy’.
« Deflation will not occur in the future, » he predicted.
Zou Lan, head of the Central Bank’s Monetary Policy Department, also discussed exchange rates, with the yuan reported down more than five percent against the dollar year-to-date.
« People usually discuss more the exchange rate of the yuan against the dollar, but in fact, the exchange rate of the yuan against a basket of currencies can more comprehensively reflect the changes in the value of the currency, » he said.
According to media reports on Tuesday, the yuan was just 0.15 percent down compared to the basket of key currencies.
« As China’s economy continues to stabilise and improve, there is a solid foundation for the yuan exchange rate to remain basically stable at a reasonable and balanced level, » Zou Lan continued.
He added that the authorities had the ‘ability, confidence, and conditions to maintain the smooth operation’ of the foreign exchange market. »

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