China's Central Bank Sticks to Accommodative Policy Amid Inflation Fears

The People's Bank of China (PBOC) Governor Pan Gongsheng announced that the central bank would maintain a moderately accommodative monetary policy to promote high-level financial opening-up.

Federal Reserve official Musalem warned that inflation could remain above 2% in 18 months if interest rates do not rise further, and recommended 'front-loaded and gradual' rate hikes rather than 'delayed and aggressive.'

In the textile industry, Shenzhou International has made progress on its overseas capacity expansion, with construction of a garment manufacturing project in Indonesia scheduled to begin in September.