The People's Bank of China said in a statement Friday that it will continue to prioritize stabilizing economic growth, showing it remains focused on downside risks even as signs have emerged that the Chinese economy is recovering.         At the same time, the central bank warned in its quarterly monetary policy report that inflationary pressures, including imported inflation, cannot be ignored.         With upward pressure on prices for land, labor and resources, inflation may become increasingly sensitive to changes in aggregate demand or to government stimulus, the PBOC said.         In the report, the central bank reiterated that it will continue to implement a "prudent" monetary policy stance, and repeated standard formulations on steadily pushing forward with interest rate and exchange rate reforms.         The PBOC also said it will closely monitor how international developments are affecting domestic liquidity levels, and will step up supervision of cross-border capital flows.         The central bank will use various monetary policy tools including open market operations, bill issuance, and required reserve ratios to adjust banking system liquidity in response to changes in China's international balance of payments, it said.