Home>News Center>China
       
 

Top banker: China on track to renminbi reform
(China Daily)
Updated: 2005-02-07 02:00

LONDON: China is very much on the track towards an exchange rate reform in response to the demand of the world's richest nations for a more flexible exchange regime, China's central bank chief said on Saturday.

Zhou Xiaochuan
Zhou Xiaochuan, governor of the People's Bank of China, however, cautioned that the reform will be carried out in a measured way to guarantee stability of the renminbi, China's currency.

China sticks to its long-term goal of convertibility of the renminbi under capital account, he said in an exclusive interview.

To that end, China would reform the formulation mechanism of the renminbi's exchange rate and gradually relax control over cross-border capital movement. But the Chinese currency must be kept stable at a rational and balanced level, and potential financial risks must be fended off, he said.

Currently the renminbi is pegged to the US dollar at a stable rate of about 8.27 per dollar.

Zhou said China, for a little more than a year, has made substantive progress in preparing for a foreign exchange reform.

It has made efforts to prepare its commercial banks for a more flexible exchange rate in the future, relaxed foreign exchange controls, and improved its domestic foreign exchange market to familiarize its financial institutions and businesses with the environment of an open foreign exchange market, said Zhou.

As for whether China has a timetable for its exchange rate reform, Zhou said its pace will be in accordance with the need of China's overall economic reform.

The adjustment of the renminbi's exchange rate depends on a stable macro-economic environment, a healthy market scheme and a sound financial system, Zhou said.

China has yet to draw up a suitable reform plan to keep the renminbi stable at a rational and balanced level and has to take into account the impact of such a reform on regional and global economy, he said.

Zhou denied the renminbi is significantly undervalued. China's international trade balance has only a modest surplus, he said.

In 2004, China had an estimated trade surplus of US$20 billion, representing less than 2 per cent of its foreign trade total.

On China's foreign exchange reserves, he said there are several factors behind their relatively rapid increase: China had a moderate current account surplus; the good performance of China's economy attracted both foreign direct investment and reinvestment of foreign-funded companies in China; and the trend of capital outflow from China was reversed.

"These were nothing but normal," he said.

On concerns that the possible appreciation of the Chinese currency might result in a mass inflow of hot money into China, he said the problem should not be exaggerated because China is exercising strict controls on capital accounts.

He said China will work to ease restrictions on cross-border capital movement in a selective, step-by-step manner, creating conditions for renminbi's convertibility under capital account.

He held talks with US Federal Reserve Chairman Alan Greenspan and Treasury Under-secretary John Taylor as well as other G7 finance officials.

In talks with Greenspan and Taylor, Zhou reaffirmed China's policy on reforming its exchange rate mechanism and briefed them on progress made in this endeavour.

The two US officials said they understood the Chinese stand and its cautiousness in the reform, said Zhou.



 
  Today's Top News     Top China News
 

New bird flu vaccine capable of prevention

 

   
 

EU not to impose quota on Chinese textiles

 

   
 

Bush's 05 budget to tighten Americans' belt

 

   
 

Top banker: China on track to renminbi reform

 

   
 

China to stop use of non-donated blood

 

   
 

Rice: US disagrees with EU on arms embargo

 

   
  Wanted gambler captured on train
   
  China to stop use of non-donated blood
   
  New bird flu vaccine capable of prevention
   
  Half of all fireworks do not meet standards
   
  Charter flights carry 698 passengers
   
  Half of all fireworks do not meet standards
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  Related Stories  
   
Risk controls urged for Bank of China
   
Central bank plans more market moves
   
Central bank plans more market moves
   
PBOC to shift some functions to Shanghai
   
Cenbank to shift some functions to Shanghai
   
Israel to pull out from West Bank towns within days
   
Bank officials flee after US$120m go missing
  News Talk  
  It is time to prepare for Beijing - 2008  
Advertisement
         
主站蜘蛛池模板: 国产精品自产拍在线观看花钱看| 自拍偷拍国语对白| 护士系列sdde221取精| 亚洲精品在线播放| 高潮插的我好爽再干噢在线欢看| 国内精品伊人久久久久av影院| 久久五月天综合| 爆乳少妇在办公室在线观看| 国产成人免费午夜在线观看| www.youjizz.com国产| 最近的免费中文字幕视频| 免费观看四虎精品国产永久| 四虎精品视频在线永久免费观看| 小呦精品导航网站| 五月婷婷伊人网| 男人j放进女人p动态图视频| 国产午夜福利片| AV无码精品一区二区三区宅噜噜| 日本精品www色| 亚洲福利视频网站| 色噜噜亚洲精品中文字幕| 国产成人免费午夜在线观看| 亚洲网站www| 天天操天天干天天摸| 中国黄色毛片大片| 最近中文字幕国语免费完整 | 一级特黄录像免费播放肥| 日出水了特别黄的视频| 久久夜色精品国产噜噜亚洲AV| 最新国产精品好看的国产精品| 亚洲中文字幕无码专区| 男性gay黄免费网站| 国产在线91精品天天更新| 99精品久久久中文字幕| 日韩一级在线播放| 亚洲av无码成人网站在线观看| 狼友av永久网站免费观看| 国产亚洲美女精品久久久| 18禁无遮挡羞羞污污污污免费| 好男人影视社区www在线观看| 中国sで紧缚调教论坛|