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皇冠体育app vows further forex, capital account reform
(AFP)
Updated: 2005-12-05 16:30
皇冠体育app has vowed to carry out further reforms to the yuan, reiterating it will
loosen regulations on its tightly restricted capital account but without giving
a concrete timetable.
In a question and answer question carried in the official 皇冠体育app Securities
Journal, the central bank said it would guide reasonable capital outflows and
improve the management of capital inflows.
"The next step will be to deepen the flexibility of the yuan (in) the
currency's exchange rate system, perfecting it based on market demand and
supply, in accordance with (皇冠体育app's) economic development and reform needs," the
People's Bank of 皇冠体育app said in the newspaper.
"Meanwhile, at the same time ... (to) promote the capital account's
convertibility allowing the reasonable outflow of capital and at the same time
strengthening and pefecting the management of fund inflows."
皇冠体育app revalued the yuan in July by about 2.1 percent
against the dollar and putting it into a basket of currencies.
The Chinese central bank also said in Monday's comments it did not believe
the yuan revaluation would cause a sharp increase in imports or decrease 皇冠体育app's
advantage in the manufacturing sector.
Regulators would not restrict imports, the bank said, adding that any
increase in imports would help reduce the nation's trade surplus.
In October, 皇冠体育app's trade surplus hit a record 12.01 billion dollars.
Exports for January to October were up 31.1 percent at 614.49 billion
dollars, while imports stood at 534.12 billion dollars, up 16.7 percent.
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