|
(CEP News)- People's Bank of China Governor Zhou Xiaouchuan said monetary policy needs to fight inflation including food and oil while speaking at a press conference following a seminar on euro zone and East Asian banks along with European Central Bank President Jean-Claude Trichet.
Zhou said that current Chinese monetary policy is tight and that China will slowly expand the yuan's flexibility. Zhou added that bank loan controls are temporary. Trichet called for oil producers to act responsibly and reiterated his position that oil markets have to be transparent. Trichet added that central bankers cannot affect relative prices and acknowledged that emerging markets in Asia are resilient. Trichet offered no comment on monetary policy Speaking at the same conference, European Central Bank governing council member Mario Draghi said the financial system has become fragile over the last 10 days and that the length of the market turbulence is difficult to gauge. By Steve Stecyk,
This email address is being protected from spam bots, you need Javascript enabled to view it
, edited by Stephen Huebl,
This email address is being protected from spam bots, you need Javascript enabled to view it
CEP Newswires - CEP News © 2008. All Rights Reserved. www.economicnews.ca The Copying, Broadcast, Republication or Redistribution of CEP News Content is Expressly Prohibited Without the Prior Written Consent of CEP News. A copy of CEP News disclaimer can be found at http://www.economicnews.ca/cepnews/wire/disclaimer. |
