The price level remained basically stable in the second quarter, and the Consumer Price Index (CPI) generally rose by 1.3 percent. At present, the national economy is developing in the direction anticipated by macroeconomic management. However, problems in economic performance can not be neglected, especially longstanding structural imbalances such as excess savings rate, lower-than-desired consumption rate, which are unlikely to be solved overnight.
With that, Tiff and I would be pleased to take your questions. 2  BIS central bankers’ speeches