BEIJING - The People's Bank of China, or the central bank, will make further efforts to maintain prices stable after China's inflation rate hit a 28-month high, according to reports on Monday.

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The central bank will analyze global economic developments and balance the relations between stable and relatively fast economic development, economic restructuring and managing the expected inflation, according to a discussion held during the central bank's meeting.

The central bank will enact stable monetary policies and seek to control fluidity, channeling credit funds to real businesses, especially agricultural and small and medium-sized enterprises, according to the central bank.

The central bank will also improve yuan exchange rate formation mechanisms, according to discussions at the meeting.

On Saturday, Chinese officials said the nation's inflation rate rose 5.1 percent in November year-on-year, which was a 28-month high.