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China c.bank says to prioritise economic growth

Friday, 2 Nov 2012 | 10:31 AM ET

BEIJING, Nov 2 (Reuters) - China's central bank will keep monetary policy prudent and money supply reasonable to prioritise the job of encouraging economic growth, the bank's latest monetary policy report showed on Friday.

The People's Bank of China said in the report that although China's inflation trend is stable, the country needs to guard against imported price pressures stemming in part from ultra-loose U.S. monetary policy.

The central bank also said that the recovery in the world's second-biggest economy is far from solid.

Official and private sector factory surveys showed on Thursday that the economy is finally regaining some traction, although they pointed to a sluggish rebound, with the latter recording its 12th straight month of slowing growth.

(Reporting by Aileen Wang and Koh Gui Qing; Editing by Kim Coghill)