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Any impact from higher U.S. Treasury yields and changes to Federal Reserve policy will be both limited and controllable for China, the People's Bank of China said in its quarterly monetary policy report late Tuesday, noting the chance of imported inflation is under control and prioritizing "policy stability".
Higher Treasury yields could increase pressure on capital outflow in emerging markets, already seeing a fragile recovery, reducing their ability to refinance and meet debt repayments, the central bank warned, pointing depreciation concerns for emerging market currencies as the dollar strengthens.
Looking at prices across the economy, the PBOC said rising producer prices were a reflection of base effect and costlier commodities, but consumer prices would edge only gradually this year, as pork and grains supply, key components in the index, remains ample.
Adequate liquidity will be maintained across the interbank market, the PBOC said, adding that monetary policy will remain precise, flexible and reasonable. At the same time, policymakers will continue to enhance the flexibility of the yuan's exchange rate, guiding market sentiment to balance domestic and external demand, the PBOC said