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China to keep stable currency
(CRIENGLISH)
Updated: 2005-05-31 14:41
Chinese Minister of Commerce Bo Xilai says China will consider the needs of
its domestic economy ahead of anything else before it considers appreciating its
currency.
The minister said before the Chinese government makes any major decisions, it
will first consider the needs and possibility of China's economic development.
He said as a responsible major trading country, China will also consider the
stable development of global finance and trade.
A top Chinese central bank official said earlier that China plans to keep the
yuan stable while working to make it freely convertible.
Su Ning, vice-governor of the People's Bank of China, said that the bank will
take steps towards making the currency freely convertible.
The remarks were in line with previous central bank statements that have
expressed support for broad goals but with few details of timing or content.
Central Bank Governor Zhou Xiaochuan said last week China's exchange rate
reform is a "slow business."
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