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  • The question is whether inflationary pressure is temporary or permanent - the head of the People's Bank of China
Ekonomické zprávy
18.11.2021

The question is whether inflationary pressure is temporary or permanent - the head of the People's Bank of China

Given the significant increase in global inflation, the head of the People's Bank of China (PBoC) warned that uncertainty remains regarding inflationary pressure, namely temporary or permanent.

"The effectiveness of Covid vaccines may decrease if new strains of the virus appear, which in turn will negatively affect economic activity and the supply chain," said Yi Gang, head of the PBoC.

"The economic recovery will also be countered by a prolonged mismatch of supply and demand."

China's economy has rebounded sharply after last year's recession caused by the pandemic, but has seen momentum fading recently amid slower manufacturing activity, rising COVID-19 cases, and debt problems in the housing market.

The head of the PBoC said that in response to the increase in cases of COVID-19, problems with supply chains and a significant increase in the cost of energy, the global economy has been slowing down since the middle of the year, while global inflation has increased sharply.

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