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Beijing (AFP) Dec 3, 2010 China on Friday pledged to tighten monetary policy next year, state media reported, as the world's second-largest economy battles to curb inflation. The ruling Communist party's politburo decided to shift its monetary policy stance from "relatively loose" to "prudent", the Xinhua news agency reported. The politburo said it should "implement an active fiscal policy and a prudent monetary policy, to increase the focus, flexibility and effectiveness of macro-economic adjustments," the report said. A senior official at China's central bank last week warned that inflationary pressures were building because of flows of capital into the country and expectations of a revaluation of the yuan. The nation's consumer price index rose 4.4 percent year-on-year in October, well above the government's full-year target of three percent, with the prices of 18 types of vegetable rising more than 60 percent.
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