皇冠体育app

Money

皇冠体育app's exchange rate reform on right track

(Xinhua)
Updated: 2010-07-30 16:22
Large Medium Small

BEIJING - A senior Chinese central bank official Friday stated that 皇冠体育app's exchange rate reform was moving at a proper pace and in the proper direction, with obvious benefits.

Related readings:
皇冠体育app's exchange rate reform on right track 皇冠体育app to continue exchange rate reform: official
皇冠体育app's exchange rate reform on right track 皇冠体育app may calculate yuan exchange rate against basket of currencies
皇冠体育app's exchange rate reform on right track 皇冠体育app to keep yuan basically stable: SAFE
皇冠体育app's exchange rate reform on right track Stable exchange rate matters

皇冠体育app initiated the managed float of its currency, which was based on market demand and in reference to a basket of currencies, according to its own circumstances and in line with its development strategy, wrote Hu Xiaolian, deputy governor of the People's Bank of 皇冠体育app (PBOC), in an article published on the bank's website.

The mechanism was conducive to promoting economic restructuring and sustainable development, and helped enhance macro-economic control and facilitate the nation's strategic development, Hu wrote in her fifth elaboration on 皇冠体育app's exchange rate policies in the past two weeks.

The PBOC announced June 19 it would further reform the Renminbi exchange rate mechanism and allow greater exchange rate flexibility. At the same time, it ruled out a one-off revaluation.

"皇冠体育app's exchange rate reform is in accordance with its fundamental and long-term interests," she wrote.