China 'helping tame global inflation'

China's state planner yesterday said in a WeChat post that stable prices of Chinese goods are helping tame global inflation.

At a symposium on rising consumer prices organized by the National Development and Reform Commission, experts said China's inflation was within a reasonable range and significantly lower when compared to other major economies, and this was playing an important role in keeping global prices stable.

Experts also blamed the current spell of high international inflation "entirely on the disorderly governance and bullying of the United States and other Western countries," the post said.

The post came as US Treasury Secretary Janet Yellen said it was worth considering taking steps to lower US tariffs on Chinese goods given the "desirable effects" such a move could have on lowering US inflation, which has hit 40-year highs this year.

"We want to do everything that we can to lower inflation," Yellen told Bloomberg TV, citing steps by President Joe Biden to release oil from the strategic petroleum reserve and moves to address supply chain disruptions.

Cutting tariffs was also "worth considering," she said. "There would be some desirable effects. It's something we're looking at," she added.

Separately, Wang Chunying, a spokeswoman of the State Administration of Foreign Exchange, said China is able to accommodate the impact of the US Federal Reserve's interest rate hikes, downplaying concerns about the yuan's weakness and capital outflows.

"With strengthened resilience in the foreign exchange market, China has the foundation and conditions to adapt to the Fed's policy adjustment," Wang said.