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Central bank vows to keep RMB exchange rate stable
(Xinhua)
Updated: 2004-03-11 14:09
China's central bank pledged Thursday to keep the exchange rate of Renminbi
(RMB) "basically stable at an adaptive and equilibrium level".
In 2004, the People's Bank of China (PBOC) will
strengthen coordination of its domestic and foreign currency policies, and
better monitor and manage short-term capital flows, according to background
materials provide by PBOC at the press conference on the sideline of the ongoing
sessions of the 10th National People's Congress (NPC) and the 10th National
Committee of the Chinese People's Political Consultative Conference.
The central bank plans to "steadily push ahead with RMB convertibility under
capital account, further develop foreign exchange market and improve the
mechanisms for determining RMB exchange rate, and keep the RMB exchange rate
basically stable at an adaptive and equilibrium level," according to the
materials.
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