PBOC official blames high trade surplus for inflation
Updated: 2011-02-28 10:22
By Qiang Xiaoji (chinadaily.com.cn)
China's excessively large trade surplus is the source of inflation and multiple measures should be taken to deal with inflation, said Yi Gang. Yi, the vice-governor of the People's Bank of China (PBOC) and head of the State Administration of Foreign Exchange, made the comments at a forum held in Beijing on Saturday, the Beijing News reported Sunday.
He said it is urgent to expand the domestic demand and reduce trade surplus during the 12th Five-Year Plan (2011-2015) period. China could reduce its trade surplus by increasing imports rather than simply cutting exports, he added.
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