UPDATE 1-Chinese c.bank governor says still unclear if inflation pressure transitory

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BUDAPEST, Nov 18 (Businesshala) – China’s central bank governor Yi Gang said on Thursday that global inflation has risen sharply and “whether this inflationary pressure is fleeting remains a matter of debate.”

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“Newer versions of the COVID-19 virus could reduce the effectiveness of vaccines, affect economic activity and disrupt supply chains,” he told an online Budapest central banking conference.

“Prolonged mismatch of supply and demand will hinder a long-term economic recovery.”

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China, the world’s second-largest economy, staged an impressive rebound from last year’s pandemic slowdown but has since lost momentum as it grapples with a slowing manufacturing sector, credit problems in the property market and the COVID-19 outbreak. is battling.

Yi Gang said that global economic recovery has slowed since the middle of the year due to repeated virus outbreaks, shocks to global supply chains and rising energy prices.

At the same time, global inflation “has risen sharply.”

“Rising energy prices have created energy shortages in many countries and sparked an international debate about the green transition and its effects,” the governor said. (Reporting by Kristina Thanh; Editing by Hugh Lawson)

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