China's consumer price index (CPI), a barometer of inflation, climbed 3.2 percent year on year in February, according to data from the National Bureau of Statistics.

The growth, down from 4.5 percent in January, hit the lowest level in 20 months, providing more room for the government to stimulate growth.

The February CPI marks the end of the "negative deposit rate" era that had existed since February 2010, as the inflation rate finally fell below the one-year deposit rate of 3.5 percent.