China to keep yuan basically stable

(Agencies)

Updated: 2010-03-06 09:52

China's central bank pledged on Saturday to keep the yuan's exchange rate basically stable in 2010 and said it will enhance coordination with its foreign counterparts on major policy issues.

The People's Bank of China will continue to push forward multi-polarization of the international money system, according to a statement issued ahead of a news conference on the sidelines of the annual session of parliament.

The central bank said it would keep sufficient liquidity in the banking system and further encourage domestic banks to issue yuan bonds in Hong Kong.

China to further improve formation mechanism of yuan exchange rate

China will further improve the formation mechanism of exchange rate of the renminbi, or the country's currency yuan, to keep the exchange rate basically stable at an adaptive and balanced level, the People's Bank of China said Saturday.

The central bank made the statement in a report delivered to media during a press conference on the sideline of the annual parliament session.

China opposes politicizing monetary issues

China opposes politicizing monetary issues, said central bank governor Zhou Xiaochuan Saturday.

Zhou made the comment when answering a question about the accusation that China manipulates the yuan's exchange rate at a press conference on the sidelines of the annual session of the National People's Congress (NPC), the country's top legislature.

China's stimulus package benefits world recovery

China's stimulus package not only spurred up domestic demand, but also benefited world economic recovery and global policy coordinating, minister of commerce Chen Deming said Saturday.

Chen made the remarks at a press conference held on the sidelines of the annual session of the National People's Congress (NPC), the country's top legislature.

"China's stimulus incentives on domestic consumption and exports abide by the rules of the World Trade Organization and bear no protectionism," Chen told reporters.

He said China always sticks to openess in foreign trade.

"Although China's exports have regained momentum since the beginning of this year, it would take two or three years for exports to return to the level of 2008, as uncertainties would remain in global recovery," he said.

Chen noted the pro-consumption measures implemented last year including subsidies to the auto and home appliance buyers also invited the participation of foreign businesses.

"A couple of days ago, more than 20 business leaders of the Fortune 500 companies told me their business in China outshined their performance in other countries last year," he said.

China's exports slipped 16 percent in 2009 as global recession sapped demands for Chinese goods

China to face stimulus exit problem sooner or later

China will face the issue of withdrawing its economic stimulus package sooner or later, central bank governor Zhou Xiaochuan said on Saturday.

Zhou made the remarks at a press conference on the sideline of the National People's Congress, the country's top legislature.

China will closely follow US dollar trend

China will closely monitor the trend of the US dollar against other currencies, the central bank governor Zhou Xiaochuan said at a press conference here on Saturday.