China's Wu Xiaoling cool on asset prices

The People's Bank of China, the country's central bank, will not use monetary policy directly to target stock market or real estate prices, deputy governor, Wu Xiaoling, said on 7 July.

"We watch the consumer prices and analyse where the inflation pressure comes from,'' Wu said. "Consumer prices should be kept stable by a moderate money supply, for which purpose, the inter-bank liquidity should be controlled to some extent.''

China's average housing price in 70 major cities grew 6.4% from a

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