China's inflation rose sharply to the highest level in more than four years in February driven by a rebound in food prices. Meanwhile, producer price inflation slowed to a 15-month low, says rttnews.

People's Bank of China Governor Zhou Xiaochuan said China is in a period of stabilizing and gradually reducing leverage. He said China will reduce its reliance on capital support as it aims higher quality growth.

Inflation rose to 2.9 percent in February from 1.5 percent in January, the National Bureau of Statistics reported Friday. This was the highest since November 2013. The increase in inflation was largely caused by the timing of the lunar new year holiday.