China central bank says stable currency is a priority

The People's Bank of China views a stable currency and job creation as priorities in its economic stewardship, central bank governor Zhou Xiaochuan said in comments published on Monday. In a statement on the PBOC website, Zhou outlined what the central bank would do to uphold the "scientific development approach" - Chinese President Hu Jintao's political doctrine that highlights sustainable development.
"The priority is to address questions such as how to keep a stable currency value, how to effectively promote employment and support growth of consumption," Zhou said. By "currency value", it was not clear if Zhou was referring to China's exchange rate or inflation, which had been running near 12-year highs for consumers earlier in 2008 before dropping off significantly in recent months.