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International Monetary Fund. Asia and Pacific Dept

financing moderated to 14.5 percent (y/y) in June. Bank asset growth moderated to 10.8 percent (y/y) in June. Headline CPI inflation remained low at 1.5 percent (y/y) in June, with core CPI edging up slightly to 2.2 percent (y/y); PPI inflation remained at 5.5 percent (y/y). 3. The 5-yearly National Finance Work Conference was held July 14-15. At this conference, President Xi announced the establishment of a “Financial Stability and Development Committee” under the State Council. He also stated that the responsibilities of the PBC for macro-prudential management and

International Monetary Fund. Asia and Pacific Dept

contraction in shadow banking. Headline CPI inflation remained at 2.7 percent (y/y) in June, with core CPI also steady at 1.6 percent (y/y); PPI inflation slowed to 0.0 percent (y/y). 3. Following the announcement in early July to accelerate financial sector opening, the Financial Stability and Development Committee announced eleven opening up measures. These improve foreign access to the bond market, asset management, insurance, securities, and ratings industries. Specifically, the measures will allow foreign financial institutions to: (1) rate domestic bonds; (2