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- PBOC's Pan Gongsheng says AI may raise inflation near term, lower it long term
People's Bank of China Governor Pan Gongsheng said at the Financial Street Forum on October 19, 2026 that AI's demand and supply effects may arrive on different timelines: near term it changes micro-level efficiency, drives investment and pushes inflation up, while over the medium and long term it could raise overall productivity and lower inflation, according to an Economic Observer report republished by Huxiu AI. He said the AI boom has become one of the main drivers of global stock market gains and that global financial markets are highly correlated and volatile, and he outlined three priorities: closely tracking AI's macroeconomic impact, supporting the AI industry through finance, and prudently advancing AI use in finance. The report also says the Federal Reserve, European Central Bank, Bank of Japan, Bank of Canada, Reserve Bank of Australia and Bank of England have assessed AI's effects on investment, prices, employment, interest rates and financial stability this year, with no unified conclusion and no indication that policy has been adjusted as a result.
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