Since the beginning of the year, the RMB has seen some depreciation against the US dollar but of a smaller scale compared with other major currencies. The value and purchasing power of RMB has been basically stable. Second, while providing significant support to the real economy, the PBOC has not substantially expanded its balance sheet.
As shown earlier, inflation in Colombia rose during first four months of 2007 and although it has fallen back it is still above the center of the target range. Only a portion of this increase is due to temporary agricultural supply conditions attributed to El Niño weather.