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PBOC to Step up Currency Market Construction
The People's Bank of China (PBOC) will further quicken the pace of China's currency market construction following in-depth reforms of the managerial system of the country's commercial banking being carried out, helped by accelerated opening-up of finance and a sound nationwide financial system to be gradually established.
According to resources close to the PBOC, state bonds to be issued in currency markets will be diversified and brokerage business will be introduced to guarantee smooth currency circulation. To better adjust capital demand and supply, more financial institutions will be allowed to go in for inter-bank lending and bond marketing. With regards to organizational investors like large-size enterprises or conglomerates, they can get into market via agent financial institutions. Meanwhile, a counter trade system is to be established to speed up bond circulation owned by individuals.
By the end of last May, financial assets managerial companies have inked with various enterprises debt-to-share agreements, involving a total of over 200 billion yuan to cover such industrial construction areas as of energy, metallurgy, raw material, chemicals, machinery and infrastructure.
Measures like debt transferred to share, enterprise restructuring and tech innovations and establishing modern enterprise system have not only greatly helped promote the reform and development of enterprises, but have also accrued to a big growth of value by financial assets.
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