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PBOC releases statement

Chinese money and credit growth are in line with policy aims, and prudent policy is still needed to keep a lid on inflation, the People's Bank of China (PBOC) said on Monday.

In a statement released after its first-quarter monetary policy meeting, the central bank said the foundations of the global economic recovery are not solid. The PBOC also repeated its long-standing pledge to improve the exchange rate mechanism of the yuan and allow market forces to play a slightly larger role in setting the currency's value.