  Core inflation is slightly firmer than anticipated, owing to temporary factors and to more persistent strength in the prices of some services. Core inflation is now expected to remain around 2 per cent over the projection horizon.   Although the global outlook remains broadly unchanged, global risks have intensified, most notably in Europe.
In this system, major participants are qualified institutional investors and the trading is based on direct enquiries between two parities. The market is expanding steadily. Take the inter-bank bond market as an example. At end August 2007, the stock of bonds reached 10.48 trillion yuan, about 25 times of that at end 1997; participants numbered 7,137, about 446 times of that at end 1997.