China says inflation top priority

Controlling inflation is the number one priority for China’s central bank, deputy boss Yi Gang said yesterday. “[Controlling] inflation is our number one job – as a central [bank], we have to control inflation,” Gang told delegates to the annual IMF-World Bank meeting, in Tokyo, a blow to those hoping the central bank would take measures to boost demand in order to fill the gap left by struggling developed economies. Gang went on to hit back at US currency critics saying that Beijing intervention into currency markets had been dialled down, meaning the Yuan was now priced “close to the equilibrium rate.” This came after trade data beat all expectations on Saturday – exports grew 9.9 per cent on the year, well above August’s 2.7 per cent.