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Exchange rate adjustment not likely soon

www.chinanews.cn 2005-04-11 13:55:06

Chinanews, Apr. 11 - At the recent "2005 Beijing Foreign Exchange Forum"
held at Barclays Capital, Long Yongtu, secretary-general of the Bo'ao
Forum for Asia, said that China is unlikely to adjust the exchange rate
of RMB soon.
According to Long, China aims to adjust the exchange rate system, but it
must base this on the market, and a balance point must be found between
steady exchange rate policy and a certain flexibility.
In Long's opinion, China should finish its arduous bank reforms and
economic restructuring before implementing a more flexible exchange rate
policy. If the government wants to let go of the exchange rate system and
capital items in China, following conditions must be available: healthy
banks, a mature financial market, as well as a capable regulatory system.
If the above-mentioned conditions are fulfilled, the government could
move towards a flexible exchange policy.

          ��China on track with exchange rate reform (2005-03-29)
          ��RMB exchange rate reform to be launched (2005-03-21)
          ��Exchange rate reform less likely this year (2005-03-01)
          ��China on track toward exchange rate reform: top banker
(2005-02-07)
          ��SIC report: RMB exchange rate will remain stable next year
(2004-12-21)

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