Statement from the People’s Bank of China late on Monday in its second-quarter monetary policy report.
- Said that the higher PPI is most likely temporary
- adds that the domestic recovery is not yet solid
- Inflation pressure is controllable because the central bank began normalizing money supply since May 2020, ahead of major economies, it said in its second-quarter monetary policy report.
Justin had more here on the report: PBOC says will keep yuan exchange rate basically stable
