China's former central bank adviser, Fan Gang, says the country's inflation is unlikely to return to the high levels seen in 2006 to 2008. However Fan added that China may continue to be affected by the US Federal Reserve's quantitative easing policy.

China decided on Friday that the country will shift to a "prudent" monetary policy next year from the current "moderately easy". The move highlights the government's bid to rein in inflation.

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