BEIJING — China has no conditions for continuous inflation or deflation as the government's macro policies are taking effect, the country's central bank said on Nov 16.

The domestic economy is facing downward pressure, and its endogenous growth momentum should be further enhanced, the People's Bank of China (PBOC) said in its latest quarterly policy report.

The central bank will step up counter-cyclical adjustments while staying away from using a deluge of stimulus policies, the report said.

The PBOC said efforts should be enhanced to prevent the spread of the expectations for inflation.

China's consumer price index, a main gauge of inflation, rose 3.8 percent year-on-year in October, while the producer price index, which measures costs for goods at the factory gate, dropped 1.6 percent year-on-year last month.