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China on track with exchange rate reform

www.chinanews.cn 2005-03-29 14:23:25

Chinanews, Mar. 29 - Zhou Xiaochuan, Governor of the People's Bank of
China, indicated a few days ago that the central bank would pay close
attention to China's economic and financial changes, and analyze
macroeconomic indices such as GDP and CPI in a timely manner, thereby
coming to a decision on interest rate change.
He also pointed out that, in its process of marketization, China's
economy would not experience the obvious economic cycles that other
mature market economies face. Countries with mature market economies need
to undergo a regular period of interest rate adjustment to relieve
monetary pressures. Interest rates can be increased or reduced, and as
china's economic cycles are not very stable, it is unreasonable predict
whether China's interest rates have entered a certain stage.
Zhou also said that RMB exchange rate policies would mainly consider
China's foreign economy and international financial balances, rather than
the favorable or unfavorable trade balance of other countries.
Zhou claimed that China would promote RMB exchange rate reform at a
prudent and stable pace, and would formulate such reforms at an
appropriate time.

          ��RMB exchange rate reform to be launched (2005-03-21)
          ��Market to have bigger say in yuan rate (2005-03-07)
          ��China may raise interest rate again (2005-03-03)
          ��Exchange rate reform less likely this year (2005-03-01)
          ��RMB interest rate begins to cool off (2005-02-24)
          ��China on track toward exchange rate reform: top banker
(2005-02-07)

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