Inflation still low, no rate hike needed - PBoC

China's current level of inflation does not yet warrant an interest rate hike, a member of the monetary policy committee of People's Bank of China (PBoC) was quoted in the official Shanghai Securities News as saying.

Li Yang, who is also a researcher with the China Academy of Social Sciences, was quoted by the newspaper as saying that April CPI growth of 3.8 pct, a seven-year high, was mainly pushed up by food prices, and does not justify a rate hike.

In addition, Li also said that a benchmark

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