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Oriental Daily News Bulletin】 【China consumer price index last month rose to 5.4% of the 32-month high, the continued international attention to China to tighten monetary policy, central bank Governor Zhou Xiaochuan yesterday that the current inflation rate higher than the government work report made control objectives, the appropriate monetary policy tightening will continue for some time, and China raising interest rates carefully, to avoid attracting a lot of hot money. In addition, the RMB will be used as a tool against inflation, so that the exchange rate more
flexible.
flexible.
RMB exchange rate exchange reform since June last year since the restart, the cumulative appreciation of 4.5% this year, rose about 1%. Boao Forum for Asia in Hainan, Zhou said China will further enhance the flexibility of RMB exchange rate policy, but the pace of yuan convertibility is not clear, and Hong Kong in the RMB settlement of foreign trade played an important role in the lead, I hope yuan outside the settlement, can be used as payment and settlement of trade and investment tools.
Zhou Xiaochuan was no upper limit that kept
As has been increased to 20% of the Mainland banks deposit reserve rate, Zhou Xiaochuan, said the reserve ratio is no upper limit. He believed that if the dollar proved unstable future, then there will be more transactions settled in RMB, the yuan will one day full convertibility, but no timetable.
In addition, the chairman of the National Social Security Fund Council, Dai said the yuan should be international, to develop offshore markets, while Hong Kong is the best option, so China should increase the future QFII (qualified foreign institutional investors) and QDII (qualified domestic institutional investors who) business, the stock opened through train and the international board. He said with a smile, ○ 七年 have been proposed through train when it is feasible, without any problems.
However, the HKEx (00388) Charles Li, Chief Executive Officer, said, yet through train timetable, through train the biggest problem is difficult to implement, because people go before they jumped the gun, shot there appears sound, full of warehouses in Hong Kong, so the structure and rules need to match, no reason to end up in mainland China to Hong Kong to pay the price, this is not possible.
Li also added that the current trade surplus with the mainland is a big country in capital cases are not open, the proportion of global holdings of more than RMB, the yuan international strong resistance.
Dai: twenty years people need international currency
He refers to the development of the offshore market, the Hong Kong currency and interest rate regime on the Mainland, the impact is very small, and only take the first step, before the reform of RMB mechanism.
The Dai is estimated that the yuan should be 15 to 20 years to be fully international, as with pricing, billing, investments, transactions and international currency reserves, and other functions.
Posted in: Central bank,China,Economy,Hong Kong,People's Bank of China,Zhou Xiaochuan
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