TELETRADER News
12/2/2022, 4:04 AM
(Source: TeleTrader)
Growth rate slower than expected - PBoC gov.
The economic growth rate in China is slower than expected due to COVID and other factors, People's Bank of China Governor Yi Gang (pictured) noted on Friday.
The rise in the consumer price index in China is around 2%, mostly because of stable energy prices, with coal prices notably being half of the prices elsewhere in the world, he added at an event hosted by the Bank of Thailand and the Bank for International Settlements in Bangkok. The inflation forecast for China is in a "moderate range," Yi also revealed.
The PBoC has an accommodative policy in place and its "focus is growth," Yi stressed, pointing out that it cut the reserve requirement ratio for banks by 25 basis points recently.