CCTV.com - CNTV English - CCTV News

China to further yuan exchange rate reform

06-20-2010 15:06 BJT

Watch Video

Play Video

China's central bank has announced it will reform the yuan exchange rate regime.

The move aims to enhance the currency's exchange rate flexibility and maintain the country's macroeconomic and financial stability.

The People's Bank of China made the decision based on the recent economic situation, market developments at home and abroad, and the balance of domestic payments.

The bank says stability of the yuan exchange rate has played an important role in mitigating the impact of the global financial crisis. It also stressed it has contributed significantly to the Asian and worldwide recovery, and demonstrated China's efforts in promoting global re-balancing.

The gradual recovery of the global economy has gained momentum on the back of the upturn of China's economy. That provided rational for the bank to proceed further with the yuan exchange rate's reform and enhance its flexibility.

Meanwhile, the bank says as the balance of payments account moves closer to equilibrium, the basis for large-scale appreciation of the yuan exchange rate does not exist.

The central bank will further enable markets to play a fundamental role in resource allocation, promote a more balanced BOP account and maintain a stable yuan exchange rate.

 

Editor:Zhang Pengfei |Source: CCTV.com

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program