www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

   

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: 在线观看二区三区午夜 | 玖玖99视频 | 美女黄色在线网站大全 | 欧美ⅹxxxx视频 | 一级特级aaa毛片 | 亚洲综合精品一区二区三区中文 | 97香蕉久久夜色精品国产 | 精品国产综合区久久久久久 | 亚州国产视频 | 国产精品久久一区二区三区 | 夜间福利在线观看 | 亚洲欧美日韩在线一区 | 成人久久18免费软件 | 国产精品高清在线 | 国产免费爱在线观看视频 | 日韩欧美国产另类 | 日本免费人成黄页网观看视频 | 亚洲视频手机在线观看 | 亚洲韩国欧美一区二区三区 | 日韩中文字幕免费 | 国产真实乱子伦精品视手机观看 | 欧美成人一区二区三区 | 亚洲成a人不卡在线观看 | 国产成人欧美一区二区三区的 | 国产美女拍拍拍在线观看 | 最爽的乱淫片免费 | 亚洲人成影院午夜网站 | 国产高清在线视频 | 九九热播视频 | 欧美人与z0z0xxxx| 日韩在线资源 | 综合图片亚洲网友自拍10p | 国产91精品露脸国语对白 | 在线观看视频99 | 成 人 动漫在线观看网站网站 | 男人干女人的视频 | 欧美成人www在线观看网页 | 国产亚洲欧美另类久久久 | 日本韩国一区二区三区 | 在线免费观看国产视频 | 久久久一级 |