Michael Pettis at China Financial Markets has an interesting chain of Tweets on China's unsolvable interest rate mess.

China Daily reports Preemptive Steps Needed to Contain CPI

China's consumer price index (CPI), the main gauge of inflation, grew 5.2 percent year-on-year in February, the National Bureau of Statistics said on Tuesday. The growth, in line with market expectations, was slightly lower than 5.4 percent in January. On a monthly basis, consumer prices edged up 0.8 percent.

Food prices, which account for nearly one-third of weighting in China's CPI, went up 21.9 percent year-on-year in February, contributing 4.45 percentage points to the rise in the index as the novel coronavirus outbreak disrupted market supplies and demands.

That the CPI has been above 5 percent for two consecutive months has raised fears that China could face high inflation in the long run, which could have a negative impact on people's livelihoods that have already been affected by the novel coronavirus epidemic.