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China to continue implementing a stable monetary policy |
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08:45, July 06, 2007 |
Recently, the Monetary Policy Committee of the People's Bank of China held its second quarterly meeting of 2007; and discussed the direction and conditions for the next stage of the monetary policy. At the meeting, it was concluded with China implementing and tightening the current monetary policy so as to further enhance its predictability and effectiveness; as well as strengthen foreign currency policy and management of the banking system's liquidity. By using various monetary policy tools, the country will be able to keep prices generally stable.
At the meeting, it was proposed that China encourage reasonable and balanced monetary growth and credit growth. It should vigorously promote financial reform and innovation; improve the multi-level financial market system, so as to enhance the competitiveness of financial institutions and markets, as well as the efficiency of resource allocation. By creating a benchmark rate system, China should be able to further enhance the regulatory function of the price lever. Moreover, it should also continue to take initiative, control and gradual improve. China should improve and manage the floating system of the exchange rate; make full use of the market's supply in the formation of the RMB exchange rate; and maintain a reasonable and balanced the RMB exchange rate.
Overall financial operation smooth and stable
During the meeting, the current domestic and international economic situation was analyzed. It was pointed out that in order to prevent the economy from over-heating and developing too rapidly, China should implement a scientific concept of development; stabilize, improve and implement all macroeconomic policies; and strengthen and improve macro-control measures. China should further strengthen coordination between monetary policy and fiscal, industrial, foreign trade, and financial supervision. It should also actively expand domestic consumer demand; control the scale of fixed assets investment; and improve the investment structure, so as to accelerate economic reform and the change of growth modes, improve the quality and efficiency of economic growth, and promote an international balance of payments.
By People's Daily Online
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