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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.
(Xinhua News Agency March 11, 2004)
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