Top Banker: RMB exchange rates stable
( 2002-05-24 08:31) (China Daily)
The exchange rates of the Chinese RMB yuan against
other currencies are solidly based and will remain stable, Dai Xianglong,
governor of the People's Bank of China, said in Beijing Thursday.
The head of China's central bank told the on-going 9th General Assembly of
the World Savings Banks Institute (WSBI) that China's national reserves of
foreign exchanges soared to US$233.8 billion at the end of April, US$21.6
billion more than the figure at the beginning of the year.
Dai said China would continue to pursue a stable and prudent monetary policy
that gave stronger support to economic growth, fended off deflation and
maintained stable RMB exchange rates.
Noting that China was perfecting a managed floating system of the RMB
exchange rates, he said China would gradually relax control on the capital
account and encourage the free flow of foreign exchanges under the capital
account. However, he said improving the exchange rate system must be subservient
to maintaining the stability of RMB.
Dai said China would further relax control on floating interest rates.
According to the People's Bank of China, Chinese residents had savings
deposited in banks totaling 8.67 trillion yuan (some one trillion US dollars) by
the end of April, accounting for 90 percent of the country's GDP and 53.6
percent of its total bank deposits.
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