China to Maintain Exchange Rate Stability: Central Bank Governor

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Last updated at: (Beijing Time) Tuesday, January 15, 2002

China to Maintain Exchange Rate Stability: Central Bank Governor

China will improve foreign exchange administration and maintain a strong position in balance of payments and exchange rate stability, China will also give priority to continuing the market-based, managed floating exchange rate system, said Dai Xianglong, China's central bank governor on Tuesday.

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China will improve foreign exchange administration and maintain a strong position in balance of payments and exchange rate stability, said China's Central Bank Governor Dai Xianglong Tuesday.

Dai, governor of the People's Bank of China, said at a press conference hosted by the State Council Information Office that China will give priority to continuing the market-based, managed floating exchange rate system.

The exchange rate formation mechanism will be improved while a stable exchange rate maintained, Dai said, noting that better management of current account will be accompanied by progress in capital account convertibility.

"We will promote international cooperation by working toward the completion of the currency swap arrangement with Japan, the Republic of Korea and ASEAN (the Association of South-East Asian Nations) countries aimed at financial stability in the region," he said.

China to Maintain Stable Exchange Rate

China should continue to maintain a stable interest and exchange rate of the local currency Renminbi, according to sources from the Autumn meeting of the Monetary Policy Committee of the People's Bank of China, the nation's central bank.

The meeting analyzed China's economic and financial situation and the implementation of monetary policies over the first three quarters, confirming that the economic growth is stable and prudent monetary policies continue to play a significant role.

RMB Exchange Rate System to Be More Adapted to Market

China will continue to stabilize its foreign exchange rate and in the meantime to fully utilize the daily 0.3 percent floating rate to adapt the market to exchange rate fluctuation, according to Zou Lin, deputy director of the international payment department of the State Administration of Foreign Exchange (SAFE).

RMB Exchange Rate System to Be More Adapted to Market

Chinese Foreign Exchange Market Remains Stable

China to Maintain Stable Exchange Rate

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