China’s consumer price index (CPI), a main gauge of inflation, came in flat in June compared with the same period last year, the National Bureau of Statistics (NBS) said Monday.
The figure was lower than the 0.2-percent increase in May.
In breakdown, food prices rose 2.3 percent from a year earlier while prices of non-food items edged down 0.6 percent year on year.
On a monthly basis, the prices were slightly down by 0.2 percent.
“In June, the CPI was generally stable,” said NBS statistician Dong Lijuan.
The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 128 pips to 7.1926 against the U.S. dollar Monday, according to the China Foreign Exchange Trade System.
In China’s spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.
The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
China published a regulation on Sunday concerning the supervision and administration of private investment funds, the country’s first administrative regulation on the sector, marking the latest move to safeguard the healthy development of the industry and protect investors.
The regulation, with 62 items in seven chapters, will come into effect on Sept. 1, 2023, the State Council said in a statement.
The regulation aims to encourage the standardized and healthy development of the private investment fund industry, better protect the legitimate rights and interests of investors, and encourage the industry to further play a role in serving the real economy and promoting scientific and technological innovation.
The regulation clarifies the scope of application, specifies the obligations and requirements of private fund managers and custodians, regulates fundraising and investment operations, and strengthens supervision and management as well as legal liability.
The new rules also make special provisions for venture capital funds, showing that China is encouraging investment into technology companies and start-ups.
Also on Sunday, China’s top securities regulator said it would make solid efforts to promote the implementation of the regulation, draw up related measures and rules, and further refine the regulatory requirements, to better leverage the positive role of private investment funds in satisfying financing demands.
The private investment fund sector has developed rapidly in China, playing a positive role in serving the real economy while supporting entrepreneurship and innovation.
As of May, about 22,000 private investment managers had been registered, managing funds of around 21 trillion yuan (about 2.92 trillion U.S. dollars), ranking among the top globally.