Zhou Says China to Stick With `Tight’ Monetary Policy

From Bloomberg:

China will stick with a “tight” monetary policy as the nation faces increasing pressures of inflation and over-investment amid global market turmoil, said central bank chief Zhou Xiaochuan.

China needs to correctly handle the “pace, focus and magnitude of macro-economic controls to avoid large fluctuations and maintain stable and relatively fast economic growth,” Zhou, governor of People’s Bank of China, said during the International Monetary Fund meeting in Washington, according to a statement posted on the central bank’s Web site.

China, the world’s fastest-growing major economy, is trying to prevent a flood of cash from the trade surplus and foreign investment from fanning inflation that is already at an 11-year high. The nation has accelerated the yuan’s appreciation this year to ease pressure on inflation.

Read also China: Major advanced economies have primary responsibility to stabilize global financial market from Xinhua.

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