PBOC says credit growth still too high

The People's Bank of China said in its first quarter monetary policy report, published Thursday 10 May, that credit growth remains too high and it needs to maintain a reasonable level of expansion.

The PBOC also said in the report that it will continue to use open market operations and higher bank reserve requirements to mop up excess liquidity.

The central bank said that while the economy is growing in a fast but stable manner, "the risk of rising prices still exists."

"Domestic supply and

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