The central bank said it will strengthen interest rates to curb inflation

The People's Bank of China released the 2010 annual report of the People's Bank of China. The annual report pointed out that this year will further play the role of interest rate leverage in regulating aggregate demand and managing inflation expectations.   The central bank also said that during the “Twelfth Five-Year Plan” period ending in 2015, interest rate liberalization will be promoted by selecting some financial institutions and gradually liberalizing some financial product prices. Zhou Xiaochuan, the governor of the central bank, said that he will control monetary conditions to curb inflation, and will put the overall level of stable prices in a more prominent position. Zhou Xiaochuan said that the People's Bank of China will also strengthen liquidity management, maintain a reasonable scale of social financing, and guide credit funds to invest more in the real economy and SMEs. According to the annual report, further promotion of the RMB exchange rate formation mechanism will have a positive impact on the real economy, and will also play a more important role in promoting trade balance.

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