在线国产一区二区_成人黄色片在线观看_国产成人免费_日韩精品免费在线视频_亚洲精品美女久久_欧美一级免费在线观看

   

CHINA / National

PBOC to keep currency stable
By Zheng Lifei (China Daily)
Updated: 2006-08-10 06:29

China cannot rely solely on currency appreciation to balance its external payments, the central bank said yesterday.

"As part of a policy package, the exchange rate can play a certain role in adjusting the imbalance in international payments," the People's Bank of China said in its second-quarter monetary report released yesterday.

"But the fundamental way to resolve the international payment imbalance should come from expanding domestic demand and lowering the savings rate."

The central bank, while noting the increasing flexibility of the yuan in the past year, reaffirmed yesterday that it would keep its currency at a reasonable and balanced level.

"We will further improve the foreign exchange regime in an active, controlled and gradual manner and keep the reasonable and balanced exchange rate (of the renminbi) basically stable," the central bank said in the report.

The yuan, which had gained 0.94 per cent against the dollar in the first half of the year, has appreciated an accumulated 3.76 per cent since last July when it was revalued by 2.1 per cent.

The central bank is also considering expanding overseas investment as a way to slow the rapid growth in foreign exchange reserves.

"(The country) should push forward the policy shift from stockpiling foreign exchange reserves in State coffers to letting businesses and residents hold more foreign currency and encourage the shift from State-led overseas investment to private overseas investment," the central bank said in the report.

China's foreign exchange reserves, driven by the ballooning foreign trade surplus and foreign investment inflow, had shot up to US$941.1 billion by the end of June.

China's foreign trade surplus rose to a record monthly high of US$14.5 billion in June, a rate that is unlikely to fall in the coming months.

The figure reportedly hit a record US$14.61 billion in July.

The soaring foreign reserves, already the world's biggest, are a major factor behind the robust money supply and credit growth in the first half of this year, economists said.

"The policy outlined in the report fairly reflects the reality on the ground," said Wang Cheng, a research fellow with the Institute of Economics at the Chinese Academy of Social Sciences.

"It acknowledged the need for further reform of the foreign exchange regime but also identified the current export-led economic growth model as the root cause of the huge international payment imbalance," Wang said.

The central bank said it will take "a mixed set of monetary tools" to control a sound credit growth in the next half of this year, acknowledging that both the money supply and credit growth were "too quick" in the first half of this year.

The M2, a broad measure of money supply that covers cash in circulation and all deposits, had risen 18.43 per cent year-on-year to 32.28 trillion yuan (US$4.03 trillion) by the end of June.

The central bank had set a growth target of 16 per cent for its M2.

Outstanding local currency loans in all financial institutions stood at 21.53 trillion yuan (US$2.69 trillion) by the end of June, up 15.24 per cent year-on-year, the central bank said.

The central bank acknowledged that slowing credit growth "will be a tough task."

(China Daily 08/10/2006 page9)

 
 

Related Stories
 
主站蜘蛛池模板: 亚洲国产精品久久 | 久久人人爽人人爽人人片 | 国产香蕉视频在线观看 | 欧美一级片在线观看 | 久精品视频 | 黄色国产在线观看 | 蜜臀久久99精品久久久久久宅男 | 成人动漫在线看 | 国产一级黄色 | 亚洲69| 亚洲五月婷婷 | 天天草天天射 | 亚洲最大av网站 | 国产乱码精品一区二区三 | 四虎av| 97视频免费在线观看 | 欧美日韩国产二区 | 欧美视频在线播放 | 成人一级片 | 久久久久国产视频 | 欧美专区第一页 | 亚洲成a人 | 国产精品手机在线观看 | 免费特级毛片 | 亚洲欧美另类在线 | 欧美视频三区 | 成人看片网 | 日韩黄色一级 | 国产一区二区三区 | 日本精品视频在线 | 亚洲精品黄 | 亚洲一级黄色片 | 一区二区三区免费 | 三级免费观看 | 国产日韩欧美精品 | 亚洲国产成人精品女人 | 国语对白做受欧美 | 俺去俺来也在线www色官网 | 免费成人黄色网址 | 日本一区二区三区四区五区 | 日韩午夜在线 |