日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

   

CHINA / National

Businesses can hold on to more forex
By Feng Jie (China Daily)
Updated: 2006-04-06 06:01

China is shifting from stockpiling foreign exchange reserves in State coffers to letting businesses and residents hold more foreign currency, a top central bank official said yesterday.


Wu Xiaoling, vice governor of the People's Bank of China. [newsphoto file]
The policy adjustment will help reduce pressure on the authorities to mop up excess liquidity in the forex market to enforce the trading band of the renminbi exchange rate, analysts say.

Wu Xiaoling, deputy governor of the People's Bank of China (PBOC), said: "A deficit in international balance of payments is not good, but too big a surplus is not helpful either."

"Therefore we must readjust the economic structure," she said, adding that the forex policy should be adjusted accordingly.

China is not pursuing huge forex reserves, Wu said.

She stressed that the new policy stance is having more forex reserves "held by," instead of "hidden among," the people, clarifying misinterpretations in some recent media reports.

As foreign trade surpluses continued to grow, China's official reserves rose to US$853.6 billion at the end of February, reportedly overtaking Japan as the biggest holder for the first time.

The rapid increases in China's reserves resulted from policies that encouraged foreign direct investment and exports, as well as a forex administration regime that keeps tight controls on outflows but imposes little restriction on inflows, Wu said.

The changes in a nation's forex reserves eventually reflect its macroeconomic performance and international payments, and there is no scientific method to measure the appropriate level, she said.

Continued trade surpluses and inflow of foreign investment in recent years have led to rapid accumulation of China's forex reserves, a scarce commodity at a time of rigid central planning.

Expectations of a stronger renminbi only fuelled the trend, with speculative capital flowing in and businesses taking more forex loans. Speculation of a further revaluation of renminbi remains strong in the marketplace even after China revalued the currency, which some trading partners complain is undervalued, by 2 per cent against the US dollar last July.

The rapid forex increases have been forcing the central bank to issue more local currency to buy the excess dollars and enforce the trading band of the renminbi, complicating monetary policy operations at a time of ample liquidity in the banking system.

Wu noted the central bank has taken a slew of measures to loosen capital controls, which allow businesses to keep more forex and sell less to banks. It also allows individuals to buy more forex from banks for such purposes as overseas travel and studies.

(China Daily 04/06/2006 page1)

 
 

Related Stories
 
主站蜘蛛池模板: 欧美中文字幕第一页 | 五月激情天 | 中文字幕在线观看日韩 | 久久久久久久久99 | 国产成人精品影院 | 在线a| 免费成人深夜小野草 | 三级免费毛片 | 在线看v| 中字av在线| 国产精品欧美久久久久天天影视 | 91视频免费在线看 | 欧美综合一区 | 中文字幕――色哟哟 | 草久在线视频 | 91视频二区 | 亚洲性视频 | h视频在线播放 | 欧美日韩一级视频 | 久久中文娱乐网 | 免费观看成年人视频 | 四虎三级| 中文字幕有码视频 | 国产精品视频在线播放 | 国产视频久久久久久久 | yellow网站在线观看 | 国产美女永久免费无遮挡 | 午夜在线网站 | 日韩美女在线 | 色无极影院亚洲 | 全部免费毛片在线播放 | 97香蕉久久夜色精品国产 | 国产精品二区在线 | 在线免费观看一级片 | 青青草精品在线 | 欧美视频在线观看免费 | www色aa色aawww | 一区二区三区视频免费在线观看 | 成人夜间视频 | 午夜影视av | 国产乱淫av |