We'll be flexible with yuan: bank chief

时间：2007-03-07 01:37:15

（单词翻译:单击）


Zhou Xiaochuan, governor of the People's Bank of China or the central bank, speaks at an economic forum1 in Beijing in this May 24, 2005 photo. Zhou said on March 5 at the ongoing3 NPC session that the current yuan flexibility4 is sufficient.
 
Mar2.6 - The renminbi foreign exchange rate's trading band could be widened this year but was "sufficient" at the moment, central bank chief Zhou Xiaochuan said on Monday, March 5.

 

"I prefer not to comment on the pace (of the exchange rate's adjustment) because it is determined5 by the market," Zhou, the governor of the People's Bank of China (PBOC), told reporters on the sidelines of the annual session of the National People's Congress.

 

"However, as the adjustment is determined by supply-demand relationship in the market, it should be appropriate."

 

In July 2005, China abandoned the renminbi's decade-old peg6 to the US dollar and appreciate the currency by 2.1 percent. Since then, the yuan has gained almost another 5 percent against the dollar.

 

The yuan now rises or falls by about 0.3 percent a day against the US dollar, and by 3 percent against other major currencies.

 

"The flexibility is sufficient for the moment," Zhou said.

 

"But I would not rule out the possibility of it being widened when the current fluctuation7 range is not sufficient."

 

In addition to the renminbi's exchange rate, use of the country's hefty foreign exchange reserves was also a hot topic during the NPC session.

 

Wu Xiaoling, vice8-governor of the central bank, confirmed reports that a foreign exchange investment company would not be established to tap the reserves, without elaborating.

 

However, Guo Shuqing, the former head of the State Administration of Foreign Exchange, yesterday offered what he regarded as investment strategy for the operation of the company to be established.

 

Guo, who is now chairman of the China Construction Bank, said funds of the company should not be used domestically and should be invested mainly in financial assets such as bonds.

 

"It will make no sense if the money is used in the country because that will equal with new investments in renminbi," Guo, a member of the Chinese People's Political Consultative Conference (CPPCC) National Committee, said.

 

Investment targets should be limited to financial assets because the country has not enough hands to manage the investment if the money is put into industrial projects, he said.

 

Guo dismissed reports about him being appointed as a key executive at the investment company.

 

Meanwhile, regulators are aiming to open the country's markets to stock index futures9 in the first half of this year.

 

Fan Fuchun, vice chairman of the China Securities Regulatory Commission (CSRC), made the announcement in a meeting of the annual top legislative10 body.

 

The CSRC had made a systematic11 research on the issues of fund companies' involvement in stock index futures, he said, without elaborating.

 

International financial giants have reportedly been lobbying Chinese regulators to let them join the first batch12 of investors13 to trade the nation's pioneering stock index futures.

 

The trade of stock index futures would be launched on the Shanghai-based China Financial Futures Exchange, CSRC chairman Shang Fulin said in October last year.

 

Market watchers believe the introduction of such derivatives14 could provide institutions with a much-needed tool to hedge risks, but may also spur speculation15 and widen volatility16.

 

The China Financial Futures Exchange, the country's first financial derivatives exchange, was inaugurated on September 8, 2006.

 

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1 forum cilx0     
n.论坛，讨论会
参考例句：
  • They're holding a forum on new ways of teaching history.他们正在举行历史教学讨论会。
  • The organisation would provide a forum where problems could be discussed.这个组织将提供一个可以讨论问题的平台。
2 mar f7Kzq     
vt.破坏，毁坏，弄糟
参考例句：
  • It was not the custom for elderly people to mar the picnics with their presence.大人们照例不参加这样的野餐以免扫兴。
  • Such a marriage might mar your career.这样的婚姻说不定会毁了你的一生。
3 ongoing 6RvzT     
adj.进行中的，前进的
参考例句：
  • The problem is ongoing.这个问题尚未解决。
  • The issues raised in the report relate directly to Age Concern's ongoing work in this area.报告中提出的问题与“关心老人”组织在这方面正在做的工作有直接的关系。
4 flexibility vjPxb     
n.柔韧性，弹性，（光的）折射性，灵活性
参考例句：
  • Her great strength lies in her flexibility.她的优势在于她灵活变通。
  • The flexibility of a man's muscles will lessen as he becomes old.人老了肌肉的柔韧性将降低。
5 determined duszmP     
adj.坚定的；有决心的
参考例句：
  • I have determined on going to Tibet after graduation.我已决定毕业后去西藏。
  • He determined to view the rooms behind the office.他决定查看一下办公室后面的房间。
6 peg p3Fzi     
n.木栓，木钉；vt.用木钉钉，用短桩固定
参考例句：
  • Hang your overcoat on the peg in the hall.把你的大衣挂在门厅的挂衣钩上。
  • He hit the peg mightily on the top with a mallet.他用木槌猛敲木栓顶。
7 fluctuation OjaxE     
n.(物价的)波动，涨落；周期性变动；脉动
参考例句：
  • The erratic fluctuation of market prices are in consequence of unstable economy.经济波动致使市场物价忽起忽落。
  • Early and adequate drainage is essential if fluctuation occurs.有波动感时，应及早地充分引流。
8 vice NU0zQ     
n.坏事；恶习；[pl.]台钳，老虎钳；adj.副的
参考例句：
  • He guarded himself against vice.他避免染上坏习惯。
  • They are sunk in the depth of vice.他们堕入了罪恶的深渊。
9 futures Isdz1Q     
n.期货，期货交易
参考例句：
  • He continued his operations in cotton futures.他继续进行棉花期货交易。
  • Cotton futures are selling at high prices.棉花期货交易的卖价是很高的。
10 legislative K9hzG     
n.立法机构，立法权；adj.立法的，有立法权的
参考例句：
  • Congress is the legislative branch of the U.S. government.国会是美国政府的立法部门。
  • Today's hearing was just the first step in the legislative process.今天的听证会只是展开立法程序的第一步。
11 systematic SqMwo     
adj.有系统的，有计划的，有方法的
参考例句：
  • The way he works isn't very systematic.他的工作不是很有条理。
  • The teacher made a systematic work of teaching.这个教师进行系统的教学工作。
12 batch HQgyz     
n.一批(组，群)；一批生产量
参考例句：
  • The first batch of cakes was burnt.第一炉蛋糕烤焦了。
  • I have a batch of letters to answer.我有一批信要回复。
13 investors dffc64354445b947454450e472276b99     
n.投资者，出资者( investor的名词复数 )
参考例句：
  • a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
  • a cash bonanza for investors 投资者的赚钱机会
14 derivatives f75369b9e0ef2282b4d10e367e4ee2a9     
n.衍生性金融商品；派生物，引出物( derivative的名词复数 )；导数
参考例句：
  • Many English words are derivatives of Latin words. 许多英语词来自拉丁语。 来自《简明英汉词典》
  • These compounds are nitrosohydroxylamine derivatives. 这类合成物是亚硝基羟胺衍生物。 来自辞典例句
15 speculation 9vGwe     
n.思索，沉思；猜测；投机
参考例句：
  • Her mind is occupied with speculation.她的头脑忙于思考。
  • There is widespread speculation that he is going to resign.人们普遍推测他要辞职。
16 volatility UhSwC     
n.挥发性，挥发度，轻快，（性格）反复无常
参考例句：
  • That was one reason why volatility was so low last year.这也是去年波动性如此低的原因之一。
  • Yet because volatility remained low for so long,disaster myopia prevailed.然而，由于相当长的时间里波动性小，灾难短视就获胜了。

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