Economy
RMB exchange rate regime reform tailored to 皇冠体育app
(Xinhua)
Updated: 2010-06-27 13:42
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TORONTO - Further RMB exchange rate regime reform can help 皇冠体育app work very closely with its economic partners on the long term for mutual benefit and further development, a senior official of the People's Bank of 皇冠体育app said here Saturday. ? ?
"Now 皇冠体育app is reforming its RMB exchange rate regime and further improving its managed floating RMB exchange rate system," said Zhang Tao, International Department director with the central bank of 皇冠体育app, at a media briefing at the start of G20 Summit. ? ?
This is tailored to 皇冠体育app's national conditions and is 皇冠体育app's national strategy on development, said the official. ? ?
The reform of RMB exchange rate regime will help 皇冠体育app restructure its economy and promote all-around sustainable and balanced growth, added Zhang. ?
"In doing so, we can guide resources and better float to the services sector and boost our internal demand, to promote the industrial upgrade and the transformation of the economic growth pattern," he said. ? ?
Zhang also mentioned reform of RMB exchange rate regime can reign inflation asset bubbles. ? ?
The central bank of 皇冠体育app recently declared to further the?reform of exchange rate regime and make its currency more ?flexible. This was welcomed by lots of wealthy and emerging ?nations and international organizations such as International Monetary Fund (IMF). ? ?
Starting from July 2005, 皇冠体育app has moved into a managed floating exchange rate regime based on market supply and demand ?with reference to a basket of currencies. ? ?
In 2008, when the financial crisis was at its worst, the exchange rate of a number of sovereign currencies to the U.S. dollars depreciated by varying margins.
However, the Chinese Yuan?kept stable. The stability of the RMB exchange rate has played a significant role in mitigating the crisis' impact and promoting global rebalancing.