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Last updated at: (Beijing Time) Tuesday, June 24, 2003

RMB Exchange Rate Be Kept Stable: Central Bank

The Currency Policy Committee of the People's Bank of China (PBOC) recently called a regular meeting for the second quarter of 2003 in Beijing. This is the first routing meeting, which is called by the members of the Currency Policy Committee newly appointed by the State Council. The meeting proposed that attention must be paid to guard against the risk of real estate.


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The Currency Policy Committee of the People's Bank of China recently called a regular meeting for the second quarter of 2003 in Beijing. This is the first routing meeting, which is called by the members of the Currency Policy Committee newly appointed by the State Council. The meeting proposed that attention must be paid to guard against the risk of real estate.

The attention must be paid to preventing the potential financial risk in real estate caused by the repetition of the low-level construction when the credit is on quick increase, stressed the Currency Policy Committee. Pre-warning and monitoring against the risk must be strengthened while the composition for loans has to be further optimized so as to prevent in a substantial way the occurrence of new loan risk and to quicken the steps in the reform of the State-owned commercial banks.

The meeting gave a deep analysis on the current economic situation both international and domestic and discussed on the measures to be taken for the next stage in regard with the currency policy. The meeting held that measures must be taken to stick to the policy of expanding the internal needs, to exercise continuously the steady and stable currency policy, maintain the continuity and stability of the currency policy and use flexibly more tools of currency policy and aggregate the forcefulness in business manipulation in the open market. In this way, it is to keep a stable increase in currency supply and maintain a favorable trend in the economic and financial development. The meeting is of opinion that in view of the economic situation both domestic and foreign the stability of the deposit rate and exchange rate of the people's currency should continue to be maintained so as to push forward the reform in the marketization of the interest rate.

The meeting was presided by Zhou Xiaochuan, President of the PBOC and concurrently the president of the Currency Policy Committee. Present at the meeting were members of the committee You Quan, Zhu Zhixin, Jin Liqun, Wu Xiaoling, Li Ruogu, Li Deshui, Guo Shuqing, Liu Mingkang, Shang Fulin, Wu Dingfu, Xiao Gang and Li Yang.

By People's Daily Online


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