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Last updated at: (Beijing Time) Wednesday, February 11, 2004

Central bank governor: yuan to remain basically stable

Governor Zhou Xiaochuan of the People's Bank of China has reiterated that the Chinese currency, or the Renminbi yuan, will remain basically stable at a rational and balanced level. China will allow money supply and credit loans to keep growing at an appropriate pace in 2004 and China would pursue a "stable and healthy" monetary policy.


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Governor Zhou Xiaochuan of the People's Bank of China has reiterated that the Chinese currency, or the Renminbi yuan, will remain basically stable at a rational and balanced level.

But the country would further ameliorate the formulation mechanism of the RMB's exchange rate, he told an annual work meeting of the central bank on Tuesday.

Efforts will also be made this year to tighten and upgrade forex management so as to maintain international balance of payment, relax the restrictions on enterprises and residents using forex, and advance the free convertibility of RMB in capital accounts step by step, according to Zhou.

Money supply to grow moderately in 2004
China will allow money supply and credit loans to keep growing at an appropriate pace in 2004, according to the central bank Governor.

Zhou reiterated that China would pursue a "stable and healthy" monetary policy.

Both the narrow money M1, including money in circulation and demand deposits of enterprises, and the broad money M2, including money circulation and all deposits, are hoped to increase a year-on-year 17 percent in 2004, according to Zhou.

And all financial institutions in China are allowed to grant a combined 2.6 trillion yuan (313.25 billion US dollars) more loans this year than in 2003.

Zhou vowed to take various measures to make financial macro-control more scientific, farsighted and effective and control the aggregate amount of money supply and credit loans with monetary tools.

The role of interest rates should be further promoted and efforts should be made to optimize the distribution of loans and mitigate credit risks, he said.

By People's Daily Online


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