China's producer prices extend 36-month decline
- 9 years ago
And turning to China's economy.
Official figures show producer prices are continuing their three-year-long decline, raising fears of damaging deflation.
On Tuesday, the National Bureau of Statistics released data showing the country's producer price index dropping by a record 4.8 percent in February compared to a year earlier.
Analysts are attributing the decline to slowing external and internal demand, as well as over-production in the industrial sector.
Last week, Chinese leaders set this year's economic growth target at about 7 percent, representing the weakest level in 25 years.
Though the central bank has cut interest rates twice in recent months, some expect Beijing will need to provide further support to keep deflation at bay.
Official figures show producer prices are continuing their three-year-long decline, raising fears of damaging deflation.
On Tuesday, the National Bureau of Statistics released data showing the country's producer price index dropping by a record 4.8 percent in February compared to a year earlier.
Analysts are attributing the decline to slowing external and internal demand, as well as over-production in the industrial sector.
Last week, Chinese leaders set this year's economic growth target at about 7 percent, representing the weakest level in 25 years.
Though the central bank has cut interest rates twice in recent months, some expect Beijing will need to provide further support to keep deflation at bay.