Xinhua reported on June 20 under the domestic and international economic and financial situation and China's international balance of payments, Bank of China decided to further push forward the reform of RMB exchange rate formation mechanism, enhance the flexibility of RMB exchange rate. Interview with Xinhua, People's Bank spokesman.
General policy does not change the exchange rate reform
Q: What is the general policy of exchange rate reform in China?
A: July 2005 established the basis of market supply and demand with reference to a basket of currencies, managed floating exchange rate system in accordance with the Party's 14 th Plenary Session, Plenary Session of the spirit, according to China's national conditions and development strategies to make the right choice is to deepen reform and opening up, especially after the accession to WTO to adapt to new patterns of development and opening up a necessary requirement of socialist market economic system, an important part, consistent with the scientific development concept. To implement a managed floating exchange rate system is China's established policy. The further promote the reform of RMB exchange rate formation mechanism is still the continuation of this policy.
Since 2005, the exchange reform was successful
Q: how to assess since the 2005 reform of the RMB exchange rate formation mechanism?
A: Since 2005, the Department of the reforms are successful. Since 2005, the RMB exchange rate formation mechanism reform in accordance with the initiative, progressiveness, the principle of controllable masters and orderly manner, on the whole of China has played a positive impact on the real economy, the macro-control has created favorable conditions, also should changes in domestic and international situation has played an important role, achieved the desired results. First, encourage enterprises to improve their skill levels, increase product innovation, enhance core competitiveness, exports maintained a strong overall competitiveness. Second, exchange rate fluctuations to promote industrial upgrading and enhance the level of opening up to provide the impetus and pressure, and promote structural optimization of export and foreign trade development mode, to economic development mode and a comprehensive, coordinated and sustainable development. Third, enterprises are actively adapt to the increased awareness of exchange rate fluctuations, should the RMB exchange rate movements and control risks to improve the foreign exchange market be nurtured and developed. Fourth, the international community that China's efforts to promote global economic balance.
China's exchange rate policy during the financial crisis properly correct
Q: The international financial crisis China's exchange rate policy is based on what considerations?
A: The international financial crisis of 2008 to the global and Chinese economy has brought great difficulties and uncertainties, our right to narrow the RMB exchange rate band to cope with the international financial crisis, in line with China's economic self-interest to help China's economy to achieve stability and faster recovery. In the international financial crisis, the worst, many national currencies against the U.S. dollar devaluation, the renminbi exchange rate kept stable, and this is stable external demand, against the international financial crisis needs, but also for Asia and the global economic recovery has made a significant contribution . Facts show that this decision is correct.
The exchange does not change a one-time revaluation of the RMB exchange rate adjustment
Q: To further promote the reform of RMB exchange rate formation mechanism and characteristics of the main contents of what?
A: The basis of exchange rate reform in 2005 to further promote the reform of RMB exchange rate formation mechanism, not a one-time revaluation of the RMB exchange rate adjustment, focusing on upholding the basis of market supply and demand with reference to a basket of currencies. Continue to follow the published range of the foreign exchange market exchange rate fluctuations, exchange rate fluctuations on the dynamic management and regulation, and keep the RMB exchange rate at a reasonable and balanced level of basic stability, and promote basic balance in international payments and safeguard macroeconomic and financial stability.
The exchange reform in line with our core interests
Q: To further promote the reform of RMB exchange rate formation mechanism is beneficial to me?
A: The further promote the reform of RMB exchange rate formation mechanism, improve the managed floating exchange rate system is based on China's national conditions and development strategies, the choice made in line with improving the socialist market economic system reform, consistent with the requirements of implementing the scientific concept of development, China Deep into the Globalization national interests, in line with our long-term and fundamental interests of the core. First, structural adjustment and help to promote comprehensive, coordinated and sustainable development. Floating exchange rate flexibility to adjust the internal and external parity, services and other resources to help guide sectoral allocation of domestic demand, promote industrial upgrading, changing mode of economic development, reduce the trade imbalance and excessive dependence on exports. Second, it helps curb inflation and asset bubbles. Enhance the effectiveness of macro-control initiatives and improve macro-control capacity. Thirdly, it is conducive to the maintenance of strategic opportunities. As beneficiaries of economic globalization, continue to promote the exchange reform is conducive to mutual benefit, long-term cooperation and common development and safeguarding China's economic development is conducive to strategic opportunities and international trade environment.
Seek to minimize the negative impact
Q: How will the reform on the possible negative impacts minimized?
A: The further advance the reform on the need to capitalize on the trend, while avoiding disadvantages, and strive to make possible the negative effects are minimized. First, we must ensure that the controlled exchange rate fluctuations, to prevent market forces lead to the possibility of exchange rate overshooting. At present, China's international balance of payments equilibrium further to closer to labor, Zi Yuan, land and other production factors also affected the increase in price of export products in China the cost of RMB Exchange Rate and equilibrium level of Xiangbi not much deviation there is no Da Fu fluctuations and changes in the base. Second, we should focus on ourselves, so that the orderly exchange rate fluctuations in line with our economic fundamentals and macro-control needs. RMB exchange rate fluctuations contribute to China's international balance of payments, but not for country-specific bilateral trade imbalance with the problem. Third, the RMB exchange rate management and regulation should pay attention to a gradual approach to corporate restructuring to stay out of the appropriate time to allow enterprises to gradually digest the impact of exchange rate fluctuations, and promote the transfer and industrial upgrading, to keep me company in the international market The overall competitiveness, leading more to service industry employment. Fourth, short-term speculative capital to strengthen the monitoring and management, to prevent large-scale movement of hot money to the domestic financial system had a big impact.
Current is a favorable opportunity to promote the exchange reform
Q: What further promote the reform of RMB exchange rate formation mechanism of the timing appropriate?
A: The current RMB exchange rate reform is to further promote the favorable opportunity. First, the current economic recovery to good basis for further consolidation of economic operation has stabilized, which further push forward the reform of RMB exchange rate formation mechanism will provide a favorable opportunity. Second, China is speeding up economic restructuring, changes in mode of development, the international financial crisis makes this task even more important and urgent. Exchange rate formation mechanism reform is conducive to the promotion of economic structural adjustment, improve the quality and efficiency of development. Third, to further enhance the flexibility of RMB exchange rate, two-way floating, but also to improve the effectiveness of macro-control initiative and the need to respond to external shocks under different scenarios.
Should not be based solely on the current dollar exchange rate measured
Q: Why should a basket of currencies instead of dollars to look at a single level of the RMB exchange rate?
A: With the constant increase in opening up, China's major trading partners have shown clear diversification trend. From January to May this year, the top five trading partners (EU, U.S., ASEAN, Japan and Hong Kong) China's import and export has been accounted for import and export value over the same period 16.3%, 12.9%, 10.1%, 9.4% and 7.5%. Meanwhile, capital transactions are also diversified and multi-regional characteristics. In this context, the RMB exchange rate pegged to the single currency if the change does not meet the diversified needs of trade and investment currency, the exchange rate can not reflect the actual level. Multi-currency and changes in the composition of the currency basket to reflect more accurately the real exchange rate. Therefore, the need to market supply and demand with reference to a basket of currencies, which is conducive to the formation of a more scientific and rational exchange rate level. On enterprises and residents, trade and capital transactions in the current pattern of diversification, the not, we should based on the RMB exchange rate measured in dollars, while the shift from multilateral bilateral exchange rate, exchange rate changes more concerned about the basket, the yuan relative to a basket of currencies to look at the RMB exchange rate changes.
At present there is no exchange rate fluctuations and changes in the basis
Q: The RMB exchange rate fluctuations will not occur?
A: The RMB exchange rate volatility, right Woguojingji 的 shocks can cause greater financial stability do not meet the interests of our country's 根本 RMB exchange rate maintained rational and balanced level basic stability of the furtherance of the RMB exchange rate regime reform an important part. At present there is no exchange rate fluctuations and changes in the foundation. At present, China imports and exports become more balanced, in 2009 China's current account surplus to GDP ratio has dropped significantly, the ratio dropped further this year, the balance of payments tends to equilibrium further. People's Bank will continue to be published foreign exchange market exchange rate floating range of RMB exchange rate floating dynamic management and adjustment Tigaotiaokong level, improve foreign exchange management and keep the RMB exchange rate at a reasonable and balanced level, the basic stability, and safeguard macroeconomic and financial market stability. China will actively promote the effective implementation of economic restructuring, changes in mode of development of the macroeconomic policies and steadily push forward the reform of RMB exchange rate stability and provide a good policy environment.
Promote the exchange reform on exports and employment impact of more good than harm
Q: The exchange rate changes on business and employment impact?
A: In the major currencies, floating exchange rate system of the contemporary international monetary system, exporters are bound to face a variety of other currencies and exchange rates between currencies. In a market economy, enterprises engaged in production and sales of various economic activities such as face is always in the changing market environment, including raw material prices, labor wages, the market demand, product mix and interest rates, tax changes so many factors larger than the exchange rate changes. China's reform and opening up, market-oriented economy has reached a higher level, more enterprises have actively adjust and respond to market changes, flexibility and capacity. Meeting changed from our 2005 to 2008 before worsening international financial crisis, the actual situation, the average annual export growth of 23.4%, including textile, light industry, including exchange rate-sensitive sector is still to grow, did not show significant losses and closed down . Overall, exchange rate fluctuations to promote industrial upgrading and improve the level of opening up to provide the impetus and pressure and help to promote economic development mode and comprehensive, coordinated and sustainable development. The current global economy recovers, our good foundation for economic recovery to consolidate, to continue to push forward the reform on a smooth, minimizing the possible negative impact of favorable conditions. In the future, will also actively create favorable conditions to guide and help enterprises to strengthen structural adjustment. Banking sector will further improve financial services to help companies manage exchange rate risks, to provide strong support for enterprise development.
Further promote the exchange reform is also conducive to increased employment opportunities, especially employment services. Floating exchange rate to promote exports shifted from simple processing and finishing process, lengthening the production chain, have detailed the division of labor, an increase of jobs. In particular, the exchange rate is conducive to optimizing resources in tradable sectors and non-tradables sector between the allocation of employment to the services currently contribute to the transfer. At present, China's tertiary industry proportion in the national economy remains low, speed up the development of service industry will attract more employment. Overall, further promote the exchange reform on exports and employment advantages than disadvantages. We will actively and steadily promote the reform of RMB exchange rate formation mechanism and actively create favorable conditions, and guide enterprises to strengthen structural adjustment, play in enhancing the level of opening up exchange reform, and promote the positive role of employment.
Play an active exchange rate policy and other policies mutually supportive
Q: How to play the exchange rate policy and other policies mutually supportive and to promote economic structural adjustment?
A: In the promotion of international balance of payments, expanding domestic demand, structural adjustment, the exchange rate can play a positive regulatory role, but our economy is facing structural issues such as the exchange rate alone can not solve, other policies need to complement each other to achieve structural adjustment and optimization. To continue to adjust the distribution of national income, increasing household income proportion, expanding domestic demand and consumption, improve the social security system. To broaden the field of private capital investment channels and accelerate the development of private economy and services, streamline resource price formation mechanism, enhance economic efficiency and endogenous growth momentum. Imports continue to increase efforts to speed up the "going out" pace, to further facilitate the "going out" investment and purchase of foreign exchange with residents in exchange. RMB exchange rate formation mechanism in promoting the process of reform, should also strengthen the monitoring and management of capital flows, increase efforts to investigate illegal foreign exchange funds.
The exchange reform will not increase the cost of handling foreign exchange business
Q: To further promote the reform of RMB exchange rate formation mechanism for enterprise and individual use of foreign exchange impact?
A: The ability of domestic enterprises and resident individuals use of foreign exchange and foreign exchange assets held by the convenience, lower conversion costs and foreign exchange management reform is one of the important tasks. The further promote the reform of RMB exchange rate formation mechanism, will not increase the cost of handling foreign exchange business. Most countries and regions with the global comparison, China's business enterprises and individuals to handle the cost of conversion is very low. At present, banks counter exchange settlement and sales businesses and individuals the price is based on real-time changes in the inter-bank foreign exchange market, the price difference plus or minus a certain point of the formation. Under the existing provisions of the yuan against the U.S. dollar interbank foreign exchange market trading price of the day floating down the central parity rate for the five thousandths of U.S. dollar transactions, the banks listed on the U.S. dollar against the yuan customer cash bid shall not exceed per cent of the central parity of U.S. dollar transactions First, cash bid-ask spread shall not exceed four per cent of the central parity of U.S. dollar transactions, we will continue to implement this provision.
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