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l 2009. The Committee discussed financial markets developments, the international economy, money, credit, demand and output, supply, costs and prices then gives immediate policy decisions.

The Bank of England's Monetary Policy Committee maintains the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee continued with the programme, announced on 5 March, of asset purchases totalling ￡75 billion financed by the issuance of central bank reserves. (4)

Financial markets 金融市场
At its March meeting, the committee had agreed to purchase ￡75 billion of asserts within the three months period. The aim of these measures was to increase the supply of money of keeping CPI inflation close to its 2.0% target. Asset purchases during the month had been broadly on track to meet the ￡75 billion total, around the 26.5% had been purchased. The committee planned to use asset purchases for monetary policy purposes had not been a surprise to markets. Around ￡2 billion of commercial paper had been purchased and ￡1 billion had been purchased since the committee's March meeting, funded by central bank reserves and was part of the overall ￡75 billion programme financed by reserve issuance. The corporate bond facility had so far made purchases of ￡414 million. Sterling was broadly unchanged over the month. United Kingdom equity prices had raised by around 8% during the month. There had also been a boost to equity prices from the announcements after the G20 summit at the beginning of April.

The International Economy 国际经济
Over the last twelve months period for which data were available, the value of goods exports had fallen by around 20%. The G20 summit in London, had agreed to increase substantially the funds available to the IMF. These funds should support growth by increasing the funding available for countries. That meant that one potential downside risk to world demand had reduced.

Money, credit, demand and output 货币、信贷、需求与产出
Several indicators were showing signs of improvements; it was possible that this turnaround in the data might prove ephemeral. There were key uncertainties relating to stock building. The volume of UK exports had risen in February, despite the weakness in world trade. These monthly numbers were volatile, but no balance they suggested that the positive contribution from the net trade to GDP growth was likely to have fallen back in the first quarter.

Supply, Costs and prices 供应、成本和价格
The latest trade data showed that goods import prices had risen 7.6% in the year. Excluding the impact of past falls in oil prices, import prices had risen broadly. Labour costs had been very weak on the month. Other components of earnings had also shown further signs of weakness. The gap between regular pay and settlements had fallen to zero in recent month. Labour market had so far held up a little better than expected. (5)

Producer output prices 生产者输出价格
The prices charged by producers for start and finished products are an important influence on consumer prices. They will be influenced by the costs of production, including wages, and also the prices of imports that feed into the process. They will reflect the balance between demand and supply in the same way as consumer prices. There is a close relationship between changes in producer