Home>News Center>China
       
 

Forex market needs fast growth, reform
By Xiao Zhang (China Daily)
Updated: 2004-06-11 22:07

China's foreign exchange authorities said on Friday the nation's forex market needs faster growth and pledged efforts to propel its development.

Hu Xiaolian, deputy director of the State Administration of Foreign Exchange (SAFE), also said the faster development of the forex market should be co-ordinated with greater convertibility of the local currency, or renminbi, and further improvements in the mechanism through which the currency's exchange rate is determined.

Ten years after China established a nationwide interbank forex market in a major reform, the market is still underdeveloped when compared to developed countries, Hu said in a speech published on the administration's website on Friday.

Immature market participants and systematic constraints such as capital account controls which restrict demand and supply, as well as inadequate exchange rate flexibility are among the major reasons behind the low development level of the market, he said.

In building a developed forex market, Hu said measures will include allowing non-banking financial institutions and large corporate groups to enter the interbank market.

This would introduce market makers, foster intermediaries like brokers and a forex exchange, as well as enhance supervisory efficiency.

Product innovation will also speed up, he said. That will include allowing transactions between foreign currencies, promoting forward transactions between banks and other businesses, and launching derivatives like swaps, futures and options.

Faster market construction will require fundamental stability in the exchange rate for the yuan, along with further efforts to explore a better exchange rate-forming mechanism that fully reflects demand and supply, Hu said. He added that there should be further reform moves towards the creation of a benchmark exchange rate system.

The regulator said greater convertibility of renminbi should be pursued simultaneously, which would include reforming the mandatory forex settlement system to facilitate trade. This would allow banks to play a bigger role in product development and pricing, and promote capital account convertibility of renminbi in an orderly manner.

 
  Today's Top News     Top China News
 

China consumer prices hit seven-year peak

 

   
 

Foreign trade scores surplus

 

   
 

WWII comfort station to be protected as relics

 

   
 

Forex market needs fast growth, reform

 

   
 

China vows more strikes against terrorism

 

   
 

Tens of thousands mourn Reagan in DC

 

   
  FM: China will not surrender to terrorism in any form
   
  China, Hungary sign joint statement
   
  Slain workers identified; 2 suspects nabbed
   
  China moves to build a green cyber space
   
  Man gets 3-year imprisonment for subversive web posts
   
  10 trapped miners in Beijing die
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  News Talk  
  When will china have direct elections?  
Advertisement
         
主站蜘蛛池模板: 国产成人亚洲欧美激情| 波多野结衣种子网盘| 国产真实伦在线观看| 中文字幕网伦射乱中文| 猛男强攻变骚受| 国产孕妇做受视频在线观看| jizz性欧美12| 欧洲精品一区二区三区| 午夜视频1000部免费看| 18美女私密尿口视频| 我和麻麻的混乱生活| 亚洲大尺度无码无码专区| 色婷婷久久综合中文久久一本`| 在车里被撞了八次高c| 久久成人综合网| 欧美人禽猛交乱配| 制服丝袜第六页| 欧美jizz18欧美| 奇米小说首页图片区小说区| 又大又粗又爽a级毛片免费看| 一级片免费试看| 欧美日韩第二页| 四虎成人免费观看在线网址| 18禁高潮出水呻吟娇喘蜜芽| 天天影院良辰美景好时光电视剧| 久久国产综合精品swag蓝导航| 狠狠色丁香久久婷婷综合五月 | 中文字幕在第10页线观看| 欧美人与动性行为另类| 又大又硬又爽免费视频| 色综合视频一区二区三区| 在线观看一区二区精品视频| xxxxx性bbbbb欧美| 日本红怡院亚洲红怡院最新| 亚洲码欧美码一区二区三区| 色费女人18毛片**在线| 国产叼嘿久久精品久久| 51影院成人影院| 国偷自产AV一区二区三区| 97色伦综合在线欧美视频| 在线观看国产成人AV片|