China’s premier calls for price stability

HONG KONG (MarketWatch) — Chinese Premier Wen Jiabao made renewed calls for price stability over the weekend, saying the central government would take the lead in controlling liquidity as part of efforts to prevent excessive price rises and economic flux, according to state-media reports. Wen said local authorities would shoulder responsibility for property-tightening measures and that supply and prices would affect the health of economic growth and social stability, the official Xinhua news agency reported. Wen also said China would implement “prudent” monetary policy via adjustments to banks’ reserve-requirement ratios, forex rates and interest rates to control inflation and boost growth.

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