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Chinese foreign exchange chief clarifies goals of exchange rate reform


    BEIJING, July 11 (Xinhuanet) -- It's an established mission of China to make the exchange rates of Renminbi (RMB) more flexible and market-oriented, foreign exchange chief Hu Xiaolian told the China Securities Daily on Monday.

    "Our exchange rates reform is not solely motivated to appreciate RMB yuan," said Hu, director of the State Administration of Foreign Exchange.

    She said China would push forward the reform in an active but gradual manner.

    "In the long term, we hope to reduce administrative restrictions and have market plays a dominant role. The business community, therefore, has to seize time to improve their product quality and competitive capability," she said.

    With the influx of foreign capital into China and the quick building-up of the country's foreign exchange reserve, Hu said an impending task of the foreign exchange authorities is to help domestic enterprises better control foreign exchange risks and raise their capability.

Asia : China Business : Currency System
Soaring forex reserve challenges China's financial strategy
A central bank report released in Beijing recently said that China's foreign exchange reserve reached US$711 billion in June, up 51.1 percent from a year earlier. The increase in the foreign exchange over the first half of the year was US$101 billion, about US$33.7 billion more than the figure in the same period of last year.

Asia : China Business : Currency System
Chinese foreign exchange chief clarifies goals of exchange rate reform
It's an established mission of China to make the exchange rates of Renminbi (RMB) more flexible and market-oriented, foreign exchange chief Hu Xiaolian told the China Securities Daily on Monday.

Asia : China Business : Currency System
Chinese brokers primed to work the forex markets
Money brokers will be permitted to operate on the currency and foreign exchange markets on a trial basis for financial institutions, according to a statement released yesterday by the China Banking Regulatory Commission (CBRC).

Asia : China Business : Currency System
China steps up foreign exchange efforts
SHANGHAI, China -- China has stepped up its efforts to set up a more flexible foreign exchange regime, fearing that capital being kept overseas could flood back into the country, the central bank said Tuesday in its annual report.


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