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Last updated at: (Beijing Time) Wednesday, August 06, 2003

China's Central Bank Reiterates Determination to Maintain Current RMB Exchange Rate

The People's Bank of China (PBOC), China's central bank, reiterated here Tuesday its determination to maintain the current RMB exchange rate.


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The People's Bank of China (PBOC), China's central bank, reiterated here Tuesday its determination to maintain the current RMB exchange rate.

In a report on the implementation of China's monetary policy, the bank said that it would further improve the RMB exchange rate system and secure the balance of international revenue and expenditure, while adhering to a regulated floating exchange rate system based on market supply and demand.

The central bank said it would continue to carry out a prudent monetary policy and maintain the policy's stability and continuityin the latter half of this year.

The PBOC also pledged to keep a close eye on the latest developments of financial operation at home and abroad and strengthen the supervision on monetary credit.

According to the PBOC's prediction, the world would undergo a "very slow" process of economic recovery in the second half of the year, which would help cultivate a strong trend of trade protectionism.

The exportation expansion scheme of Chinese commodities might be curbed by the trend and China's currency would experience a growing pressure for appreciation, said the PBOC.

However, the central bank was still confident in the country's economy. It predicted that China would be able to secure foreign investments and a dynamic developing economy despite the negative impact of severe acute respiratory syndrome.


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