Official: China to loosen control on RMB gradually

时间：2006-10-23 01:42:39

（单词翻译:单击）

BEIJING, Oct. 23 - China will loosen controls on its currency gradually and should step up development of financial tools such as derivatives1 to help banks and companies cope with a more flexible exchange-rate system, offcial from the People's Bank of China said.

 

China will "improve the yuan's flexibility2 gradually," Su Ning, deputy governor of the People's Bank of China, said at an economic conference in the eastern city of Suzhou, Jiangsu Province at the weekend, Bloomberg News said.

 

"China needs to develop new financial tools and enhance financial reform to help remove the burden on its financial system," Su said.

 

A record trade surplus has flooded the world's fourth-largest economy with cash, spurring investment in factories and real estate that the government is concerned may lead to overcapacity and bad loans. Foreign-exchange reserves have surged to almost 1 trillion U.S. dollars, fueled by exports that the United States and Europe say are supported by an undervalued currency.

 

China has limited gains in the yuan to 2.6 percent since dropping a decade-old peg3 to the US dollar in July last year. The currency strengthened 0.1 percent to 7.9025 to the dollar on Friday, according to the China Foreign Exchange Trade System.

 

Chinese officials have said repeatedly that the yuan's exchange rate will be loosened only gradually because the nation's banks and companies aren't prepared to cope with a free-floating currency. China has been introducing derivatives such as interest-rate forwards and swaps4 to provide tools to hedge risks, and plans to add interest-rate and stock-index futures5.

 

The government should step up reform of the nation's banks including Agricultural Bank of China, Su said. The Beijing-based lender is the last of the big four state-owned banks awaiting restructuring and a government bailout.

 

Agricultural Bank is close to completing a plan to create a shareholding6 company, the Xinhua news agency reported last week, citing central bank Governor Zhou Xiaochuan. The government may inject 100 billion dollars into the bank, the agency said.

 

Industrial & Commercial Bank of China, the nation's biggest lender, raised 19.1 billion dollars in the world's biggest initial public offering, bankers involved in the IPO said. Bank of China Ltd and China Construction Bank Corp have also listed in Hong Kong in the past year.

 
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1 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
2 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。
3 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。
4 swaps 7852508deb41ee8610612c888aea2f12     
交换( swap的名词复数 )； 交换物，被掉换者
参考例句：
  • He swaps his old car for a new motorcycle. 他用旧车换了一辆新摩托车。 来自英汉 - 翻译样例 - 口语
  • Swaps the anchor and end points of the current selection. 交换当前所选内容的定位点和结束点。
5 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。
6 shareholding d50815e5b4fdfade1f68dd62ed15450a     
n.股权
参考例句：
  • Shareholding commercial banks must exercise an independent system of board of directors. 股份制商业银行必须实行独立董事制度。 来自互联网
  • Asset re-structuring: to conduct shareholding reform for high quality assets. 资产重组：对优质资产进行股份制改造。 来自互联网

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