PBoC upgrades growth and inflation forecast

The research bureau of the People's Bank of China says the country's economy is expected to grow 10.8% this year, the fastest rate in over ten years.

The central bank predicts GDP will slow to 10.9% in April-June, down from 11% year-on-year growth in the first quarter, and estimates growth of 107% and 10.6% in the third and fourth quarters respectively.

If these figures are achieved it will be the fifth consecutive year in which the country's growth tops 10% and the highest rate since the 12.