Chinadaily.com.cn
     
    Go Adv Search
    China ready to let market have more say in yuan value

    China ready to let market have more say in yuan value

    Updated: 2012-04-23 09:06

    By Ma Liyao in Washington DC (China Daily)

      Comments() Print Mail Large Medium  Small 分享按鈕 0

    China is ready to move on letting the market play a bigger role in foreign exchange rates, Yi Gang, deputy governor of the People's Bank of China, said on Saturday.

    "It's time to let the market more or less decide the rate while reducing the intervention," Yi said at a panel discussion on the sidelines of the International Monetary Fund's annual spring meetings. Yi, who is also the director of the State Administration of Foreign Exchange, answered "Yes" when asked if Beijing would act further to make the foreign exchange rate more flexible.

    China's central bank announced a widening of the yuan's trading band against the US dollar from 0.5 percent to 1 percent on April 14, its first move since 2007.

    On Thursday, the IMF said the decision was a step in the right direction, and an assessment of the currency's valuation will be seen in the coming months.

    "This reform is aiming at increasing the flexibility of the renminbi exchange rate and making market forces play a more important role in determining the rate," Yi said.

    He did not outline specific plans or schedules, but said there have been "persistent two-way bets" on the renminbi exchange rate in the last two quarters, as opposed to the one-way bet of the past. Doubling of the yuan's trading band last week was the first widening since 2007.

    Account surplus

    China's current account surplus dropped to about 2.7 percent of GDP in 2011 from over 10 percent in 2007, and the IMF's latest World Economic Outlook has sharply reduced its prediction for its growth.

    "I'd say around two-thirds (of the decline in the surplus) is due to long-term structural changes, for example, the increasing labor costs and rising renminbi exchange rate. The other third comes from weakening external demand," Yi said.

    An IMF official said previously that the decline in China's current account surplus was driven more by investment than consumption, raising the concerns of the country risking new domestic imbalance.

    "In terms of stimulating domestic demand, it is definitely the right direction to go, and lots may be done to achieve the goal, but we must avoid economic bubbles and exchange rate overshooting," Yi said.

    Contact the writer at maliyao@chinadaily.com.cn

    最近免费2019中文字幕大全| 国产亚洲人成无码网在线观看 | 日韩中文字幕在线观看| 无码人妻黑人中文字幕| 中文字幕一二区| 无码AV大香线蕉| 精品无码AV无码免费专区| 亚洲美日韩Av中文字幕无码久久久妻妇| 国产自无码视频在线观看| 亚洲无码在线播放| 中文字幕一区二区三区乱码| 日韩精品无码一区二区中文字幕| 国产精品无码av在线播放| 亚洲热妇无码AV在线播放| 久久久中文字幕日本| 中文字幕人妻无码专区| 在线观看免费无码视频| 国产精品99精品无码视亚| 午夜无码伦费影视在线观看| 人妻少妇无码精品视频区| 中文字幕天天躁日日躁狠狠躁免费| 中文文字幕文字幕亚洲色| 狠狠精品久久久无码中文字幕 | 精品无码人妻夜人多侵犯18| 成人无码AV一区二区| 中文字幕1级在线| 亚洲成A人片在线观看中文| 最近免费中文字幕大全高清大全1 最近免费中文字幕mv在线电影 | 最近中文字幕在线中文视频| 亚洲Av无码专区国产乱码不卡| 国产亚洲精久久久久久无码AV | 午夜无码一区二区三区在线观看| 88久久精品无码一区二区毛片| 久久久久精品国产亚洲AV无码 | 亚洲成AV人片天堂网无码| 精品无码一区二区三区电影| 久久久久久精品无码人妻 | 无码伊人66久久大杳蕉网站谷歌| 亚洲中文字幕无码爆乳AV| 亚洲AV无码久久精品色欲| 人妻丰满熟妞av无码区|