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PBOC governor stresses financial control
(Xinhua)
Updated: 2004-06-17 17:22
China's central bank will closely monitor the economic and financial
operations of the country and intensify related research and analysis so as to
enhance and improve the regulation of the financial sector, Governor Zhou
Xiaochuan said in Beijing Thursday.
The People's Bank of China (PBOC), or the central bank, will try to bring
into full play the role of the monetary and credit policies to promote economic
restructuring and the change in the mode of economic growth, Zhou told a meeting
of heads of branches.
He urged the branches to study ways to nurture and promote the development of
new products and new tools in the financial market, and improve the management
of foreign exchange aimed at a balance of payments and a stable exchange rate of
the Chinese currency based on a rational and balanced level.
He also called for speeding up the reform of state-owned commercial banks and
the pilot reform of rural credit cooperatives in a bid to maintain the stable
operation of the financial system.
According to the central bank governor, China's macro-control policies and
measures since last year have yielded encouraging results as the economy has
kept growing rapidly, the economic performance as a whole has improved, foreign
trade has maintained a strong growth momentum, and consumer demand has been
growing steadily.
More positive results will be scored with the further implementation of these
policies and measures, Zhou said.
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