CCTV News: Data released by the National Bureau of Statistics on May 10 showed that in April, with the coordinated efforts of various macroeconomic policies and the steady advancement of high-quality development, prices in some areas showed positive changes, the Consumer Price Index (CPI) turned from a decrease to a rise month-on-month, and the core CPI growth rate was stable.

In April, the Consumer Price Index (CPI) turned from a month-on-month decline to a 0.1% increase from the previous month, an increase of 0.2 percentage points higher than the seasonal level.

The month-on-month increase in CPI was mainly driven by the rebound in prices such as food and travel services. From the perspective of food, some areas have entered a marine fishing moratorium, and the prices of seawater fish have risen; some fruits have just been on the market and the supply is small, which affects the rise in prices of potatoes and fresh fruits respectively; the prices of fresh vegetables and pork have fallen, with the declines being less than seasonal. In April, the climate warmed up, and residents' travel demand gradually recovered. Coupled with factors such as holidays, service prices have jointly driven a significant rebound. Prices of travel services such as air tickets, hotel accommodation and tourism are all higher than the seasonal level.

From a year-on-year perspective, CPI fell slightly year-on-year, mainly affected by the downward trend in international oil prices. In April, the year-on-year decline in energy prices expanded slightly, with the decline in gasoline prices being the main factor driving the year-on-year decline in CPI. The core CPI, excluding food and energy prices, rose by 0.5%, and the increase remained stable. Among them, the service price rose by 0.3%, the same as last month; the price of industrial consumer goods deducted from energy rose by 0.4%, affecting the year-on-year increase of CPI by about 0.1 percentage point.

Lu Yunlong, associate researcher at the Institute of Market and Price of China Institute of Macroeconomics, said: "Since this year, the price operation has been generally stable. In particular, the core CPI, which better reflects the macroeconomic operation trend, reflects the continuous improvement of the relationship between total demand and total supply. The increase in service prices is better than that of goods, indicating that service consumption is more resilient and potential, and it also reflects the continuous upgrading of the consumption structure of residents. As more active and proactive macroeconomic policies take effect, consumption and investment momentum continues to increase, and the foundation for stable operation of prices will be further consolidated."

The People's Bank of China released the first quarter China monetary policy implementation report: the RMB exchange rate remains basically stable at a reasonable equilibrium level

On May 9, the People's Bank of China released the China monetary policy implementation report for the first quarter of 2025. The report mentioned that the countercyclical adjustment effect of monetary policy in the first quarter was relatively obvious: the total financial volume grew steadily, the credit structure was continuously optimized, and the RMB exchange rate remained basically stable at a reasonable equilibrium level.

In the next stage, the People's Bank of China will implement a moderately loose monetary policy. According to the domestic and international economic and financial situation and financial market operation, flexibly grasp the intensity and rhythm of policy implementation and maintain abundant liquidity.