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(Bloomberg) — China’s central bank warned of imported inflation risks from higher oil and commodity prices driven by the conflict in the Middle East.
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“The impact of imported inflation on the economy needs monitoring,” the People’s Bank of China said in its quarterly monetary policy report released Monday.
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The PBOC said key price indicators continued a moderate rebound recently, with consumer prices rising 0.9% from a year earlier in the first quarter. While the economy grew a better-than-expected 5% in the period, domestic structural challenges persist and the recovery needs consolidation, the central bank said.
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China was trapped in a deflationary spiral since late 2022, as a manufacturing glut and sluggish domestic demand led to intense price wars. However, with the Iran war pushing up costs, producer prices climbed 2.8% in April from a year earlier, official data showed Monday. Consumer inflation rose to 1.2%, the National Bureau of Statistics said.
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Brent crude futures advanced as much as 4.6% to near $106 a barrel on Monday after US President Donald Trump rejected Iran’s response to a peace proposal. The jamming of traffic through the Strait of Hormuz has choked off shipments of crude, natural gas and fuels, with the International Energy Agency saying the war is causing the biggest supply shock in history.
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Meanwhile, the PBOC also reiterated a pledge to maintain “moderately loose” monetary policy and keep liquidity ample to support growth. And it vowed to keep the yuan broadly stable and continue efforts to contain financial risks.
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—With assistance from Yujing Liu.
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