Central Bank to Steadily Promote Interest Rate Reform

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Last updated at: (Beijing Time) Thursday, April 03, 2003

Central Bank to Steadily Promote Interest Rate Reform

China's central bank governor, Zhou Xiaochuan, said on Wednesday that market-oriented reforms of interest rates will be steadily carried out.

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China's central bank governor, Zhou Xiaochuan, said on Wednesday that market-oriented reforms of interest rates will be steadily carried out.

Zhou told a working meeting of the People's Bank of China (PBC),the central bank, that efforts would be made to improve monetary policy operations and maintain an appropriate increase in money supply and credit volume.

The central bank should do its work carefully on the key tasks of promoting financial reform, supporting economic growth and improving the central bank's efficiency, he noted.

He said the central bank should carry out institutional restructuring and functional readjustment; take prompt measures totackle problems with new developments in the world and domestic economies; increase loans to quality enterprises, the rural economy and service industry; step up administration of foreign exchange and protect the stability of the Renminbi.

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