China's inflation rate hit a 17-month low, official data showed on Tuesday, leaving greater room for cutting interest rates at a time when the global crisis has made economic growth the top priority. The consumer price index in October was up 4%, compared with 4.6% the previous month and the lowest level since May last year, according to figures from the National Bureau of Statistics. China's central bank suggested there might be more cuts in the offing, saying in a statement on its website on Monday that it would now implement a "moderately easy" monetary policy.
