中国人民银行3日发布的2012年第二季度中国货币政策执行报告认为，受到基数降低等影响，8月份后同比CPI有可能出现一定回升，目前看回升力度不会太大。

    Promulgated by the people's bank of China and the second quarter of 2012, China's monetary policy implementation report says，Decreased base by the impact，After August CPI likely year-on-year must pick up，Now see picks up strength is not too large。

    报告认为，物价形势大体平稳，未来走势取决于国内外环境和总需求状况。目前看经济增长相对平稳，增速有所放缓，同时夏粮连续九年增产，工业生产和供给能力充足，供求关系变化有利于物价继续回稳。也要看到，同比CPI会受到基数因素的影响，2011 年前7个月物价涨幅上升较快，受此影响，2012 年前几个月物价同比指数会显得下降较快，但从环比看，5、6月份环比CPI 变化仍未超出历史同期平均水平。需要更多地使用季节调整后的环比指数，以更为准确、客观地衡量物价水平变化。同样，受到基数降低等影响，8月份后同比CPI有可能出现一定回升，目前看回升力度不会太大。当然也需要注意的是，受劳动力成本、资源性产品和部分不可贸易品价格存在趋势性上涨压力等影响，当前物价对需求扩张仍比较敏感，扩张性政策刺激增长的效应可能下降、刺激通胀的效应则在增强。

    Report says，The price situation general smoothly，The future trend of domestic and foreign environment and total demand depends on the situation。View at present relatively stable economic growth，Has slowed down，At the same time the summer crops yield nine straight，Industrial production and supply is adequate，Supply and demand change to price continues to rose。Also want to see，CPI will be affected by factors compared the effect of base，2011 years ago, 7 months prices rise up quickly，Affected by this，2012 years ago a few months prices up index will look down quickly，But from the annulus comparing see，5、June annulus comparing CPI is still not beyond the historical changes in the same period the average level。Need to use more season after the adjustment annulus comparing index，In a more accurate、Measure objectively change the price level。The same，Decreased base by the impact，After August CPI likely year-on-year must pick up，Now see picks up strength is not too large。Of course also need to pay attention to it，Labor costs by、Resource products and parts do not trade product price trend upward pressure on existing such impact，The current price of demand expansion remains are more sensitive，Expansionary policies of spurring growth effects may decline、Stimulating inflation is in effect increased。

    报告在披露下一阶段主要政策思路时指出，要继续严格执行差别化的各项住房信贷政策，支持保障性住房、中小套型普通商品住房建设和居民首套自住普通商品房消费，坚决抑制投机投资性购房需求。

    The report in the disclosure policy ideas out the main stage，To continue to strictly carry out the policy of differentiation housing credit，Support affordable housing、Small-scale commercial housing construction and ordinary people since the first set of live ordinary commodity house consumption，Firmly suppress speculative investment pent-up demand。

    报告提出，下一阶段要继续优化流动性管理，综合考虑外汇流入、市场资金需求变动、短期特殊因素等情况，运用逆回购、正回购、央行票据、存款准备金率等各种流动性管理工具组合，灵活调节银行体系流动性，引导市场利率平稳运行。要继续改进央行外汇操作方式，降低干预频率，增加灵活性，使市场供求在汇率形成中发挥更大作用。（记者 田俊荣）

    report，The next stage will continue to optimize liquidity management，Comprehensive consideration of the foreign exchange inflows、Market financing needs change、Short-term special factors，Using reverse repurchase、Is the buyback、Central bank bills、The deposit reserve rate, etc. Various kinds of liquidity management tool combination，Flexible adjustment bank system liquidity，Lead the market interest rates running smoothly。The central bank to continue to improve foreign exchange operating mode，Lower frequency interference，Increase flexibility，Make market supply and demand in the exchange rate to play a bigger role。（Reporter TianJunRong）