THE People's Bank of China will make further efforts to maintain prices stable after the country's inflation rate hit a 28-month high, according to reports yesterday.

The central bank will analyze global economic developments and balance the relations between stable and relatively fast economic development, economic restructuring and managing the expected inflation, according to a discussion held during the PBOC's meeting.

The PBOC will enact firm monetary policies and seek to control fluidity, channeling credit funds to real businesses, especially agricultural and small and medium-sized enterprises.

It will also improve yuan exchange rate formation mechanisms, according to the meeting.

China's Consumer Price Index rose an annual 5.1 percent in November - a 28-month high.