RMB exchange rate should be stable: PBOC governor

Home>>Business

Last updated at: (Beijing Time) Friday, September 19, 2003

RMB exchange rate should be stable: PBOC governor

The exchange rate of the RMB should be stable, and there is no strong reason to have any sudden change, said Zhou Xiaochuan, governor of the People's Bank of China, Thursday in Hong Kong.

DISCUSSION

CHINESE

SEND TO FRIEND

The exchange rate of the RMB should be stable, and there is no strong reason to have any sudden change, said Zhou Xiaochuan, governor of the People's Bank of China, Thursday in Hong Kong.

Attending the sixth Distinguished Lecture held by the Hong Kong Monetary Authority, Zhou Xiaochuan said that current exchange rate regime is suitable for China's economic situation. It is an effective exchange rate regime and is performing well.

However, in the long term, the reform to the exchange rate regime has never been stopped in China. But the reform must be gradual and should be along a proper path, said the governor of China's central bank.

Regarding the opening of RMB business in Hong Kong commercial banks, Zhou said that it should be differentiated between RMB business and offshore RMB center. With the closer economic ties between the mainland and Hong Kong, the study on opening RMB business in Hong Kong has entered a progress of serious study by the People's Bank of China and related departments.

But he noted it is a very complicated question and needs further careful study.

Questions?Comments? Click here

World Bank Official Backs RMB Rate Policy

Too Early to Assert whether RMB Devalued or Revalued

Chinese Top Economists Denounce RMB Appreciation

Chinese Scientist Appeals for Checking Academic Corruption ( 5 Messages)

Chinese Premier Urges Reform of Administrative System ( 2 Messages)

High-tech Expo: Precious Chances for Investments ( 5 Messages)

China denies troop build-up on borders ( 3 Messages)

China Sets to Put Brakes on Auto Industry ( 9 Messages)