China's central bank governor stresses inflation control

 China's central bank governor stresses inflation control

BEIJING, Oct. 13 (Xinhua) -- China's central bank governor has urged fending¹ off inflationary risks amid worldwide efforts to shore up the sluggish² global economy by easing monetary³ policies.

Zhou Xiaochuan, governor of the People's Bank of China (PBOC), made the remarks in an article published in the latest issue of the Journal of Financial Research, a magazine published by the PBOC.

He said central banks should consider draining excessive liquidity⁴ injected into the market and eliminate inflationary pressure in the long-term.

The PBOC has moved cautiously to loosen its monetary policy in response to an economic downturn this year, as it is wary⁵ of refueling inflation and boosting housing prices that remain high.

It has reduced interest rates and the reserve requirement ratio for lenders twice this year, but has refrained from further cuts since July.

The year-on-year growth of the consumer price index, a key inflationary gauge⁶, slightly accelerated to 2 percent in China in August from 1.8 percent in July. But it was much slower than the 6.2-percent rate registered in August last year as the economy downshifted and demand weakened.

China's economy expanded at 7.6 percent in the second quarter, marking the first time that the country's economic growth rate had fallen below the 8-percent mark since the fourth quarter of 2009.

Zhou said China's long-term inflationary pressure could be alleviated⁷, as the country's yuan funds outstanding from foreign exchange will grow more slowly in future.

The amount of yuan funds outstanding for foreign exchange decides the amount of yuan funds that the central bank has to inject into the domestic market, as the yuan remains⁸ inconvertible under the capital account.

The funds have been shrinking since July as a result of slowing foreign trade and dropping foreign direct investment amid global economic woes⁹.

China's foreign exchange (forex) reserves will not increase ceaselessly, as the share of the current account surplus in the country's economy is already very high and will drop to a reasonable level in future, Zhou noted¹⁰.

China overtook Japan as holder¹¹ of the world's largest forex reserves in 2006.

By the end of September, China's forex reserves stood at 3.29 trillion U.S. dollars, edging up from 3.24 trillion U.S. dollars at the end of June, according to data from the State Administration of Foreign Exchange released Saturday.

1 fending   

v.独立生活，照料自己( fend的现在分词 )；挡开，避开

参考例句：

• He is always spending his time fending with the neighbors. 他总是与邻里们吵架。 来自互联网
• Fifth, it is to build safeguarding system and enhance the competence in fending off the risk. 五是建立政策保障体系，提高防范和抵御风险的能力。 来自互联网

2 sluggish   

adj.懒惰的，迟钝的，无精打采的

参考例句：

• This humid heat makes you feel rather sluggish.这种湿热的天气使人感到懒洋洋的。
• Circulation is much more sluggish in the feet than in the hands.脚部的循环比手部的循环缓慢得多。

3 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

4 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

5 wary   

adj.谨慎的，机警的，小心的

参考例句：

• He is wary of telling secrets to others.他谨防向他人泄露秘密。
• Paula frowned,suddenly wary.宝拉皱了皱眉头，突然警惕起来。

6 gauge   

v.精确计量；估计；n.标准度量；计量器

参考例句：

• Can you gauge what her reaction is likely to be?你能揣测她的反应可能是什么吗？
• It's difficult to gauge one's character.要判断一个人的品格是很困难的。

7 alleviated   

减轻，缓解，缓和( alleviate的过去式和过去分词 )

参考例句：

• It is always completely alleviated by total gastrectomy. 全胃切除永远完全缓解症状。
• Toxicity problem in manufacturing and storage might be alleviated by coating beryllium with aluminum. 但如果用铝包覆铍，则可避免加工过程中及储存期间的中毒问题。

8 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

9 woes   

困境( woe的名词复数 )； 悲伤； 我好苦哇； 某人就要倒霉

参考例句：

• Thanks for listening to my woes. 谢谢您听我诉说不幸的遭遇。
• She has cried the blues about its financial woes. 对于经济的困难她叫苦不迭。

10 noted   

adj.著名的，知名的

参考例句：

• The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
• Jim is noted for arriving late for work.吉姆上班迟到出了名。

11 holder   

n.持有者，占有者；(台，架等)支持物

参考例句：

• The holder of the office of chairman is reponsible for arranging meetings.担任主席职位的人负责安排会议。
• That runner is the holder of the world record for the hundred-yard dash.那位运动员是一百码赛跑世界纪录的保持者。