Nov. 16 (Bloomberg) -- China can’t loosen control over prices because the country is still facing inflation pressure, the People’s Bank of China said in a statement posted on its website today.

China still faces “extremely loose” global monetary conditions, the central bank said. Price declines in China may quicken if economic growth slows down further, it said.

To contact the editor responsible for this story: Richard Dobson at rdobson4@bloomberg.net