首页 新闻 体育 娱乐 游戏 邮箱 搜索 短信 聊天 天气 答疑 导航


新浪首页 > 新浪教育 > Yuan exchange rules easing

Yuan exchange rules easing
http://www.sina.com.cn 2003/10/23 13:11  Shanghai Daily

  China will continue to lift foreign exchange control to balance trade and gradually make the yuan a convertible currency, People's Bank of China Governor Zhou Xiaochuan said.

  The floating of an RMB exchange rate was an objective the country decided in 1993 and has been following ever since then.The country has already taken a series of measures to make exchange under current account easier and to liberalize excessive restrictions on capital account transactions, the governor said.

  "The reform of the formation mechanism of the RMB exchange rate is an important item on the agenda of China's overall foreign exchange reform," he said.

  However, Zhou noted that a few things need to be accomplished before adequate flexibility can be introduced in the exchange rate regime, including trade liberalization, removal of excessive restrictions on capital account transactions and reform of state-owned commercial banks.

  They must be properly resolved before reform of the formation mechanism of the RMB exchange rate can be carried out in great stride.

  He said recently that the speculative talk concerning revaluation of the yuan has already induced some "hot money"sintosChina.

  "This kind of speculation is not to be encouraged, for there is too much 'hot money' in the world and they would probably continue to sneaksintosChina if vigilance is unduly relaxed," Zhou said. He stressed that the Chinese central bank has the capability to sterilize the liquidity impact of inflow of "hot money" with additional monetary policy instruments.

  The recent rise of reserve require-ment ratio was a clear signal that the central bank was ready to sterilize the inflow and did not hope to see further increase of "hot money."

  Zhou said if an adjustment of the RMB exchange rate made China's staple agricultural products unable to compete with imported ones, it will thereby force farmers, especially those in the coastal areas, to leave their farmland and come to the cities in a much faster speed. As a result, the employment pressure would be more acute in cities since they have to provide more "non-farm jobs."

  A one-percentage-point fall in agricultural employment means a loss of around 4 million jobs in the farming industry, Zhou said.Separately, the central bank is-sued a regulation on the management of foreign exchange agencies, taking effect on November 1.

  The regulation only allows foreign exchange agencies to change the convertible foreign currencies in cash or travel notes to yuan, but forbids foreign exchange purchase with yuan.

  Foreign exchange agencies refer to those domestic corporations authorized by the qualified domestic banks to have foreign exchange business by contract.

  Domestic residents and Chinese nationals living abroad on Chinese passport should buy foreign exchange they need from the concerned banks with yuan when heading abroad.




英语学习论坛】【评论】【 】【打印】【关闭
Annotation

新闻查询帮助



文化教育意见反馈留言板电话:010-62630930-5178 欢迎批评指正

新浪简介 | About Sina | 广告服务 | 招聘信息 | 网站律师 | SINA English | 会员注册 | 产品答疑

Copyright © 1996 - 2003 SINA Inc. All Rights Reserved

版权所有 新浪网
北京市通信公司提供网络带宽