Promise to improve forex management

时间：2007-10-24 03:32:52

（单词翻译:单击）

Oct.24 - China will further improve the management of the country's massive foreign exchange reserves and satisfy trade and investment needs of domestic firms and individuals, China's top foreign exchange regulator pledged.

 

"We'll ensure the safety and liquidity1, while improving the profitability of the country's foreign exchange reserves," Hu Xiaolian, administrator2 of the State Administration of Foreign Exchange (SAFE) told China Daily on the sidelines of the 17th National Congress of the Communist Party of China.

 

Hu promised to expand in an orderly manner the channels for capital outflow, in which qualified3 domestic institutional investors4 (QDII) is a part. "The quota5 for both QDII and qualified foreign institutional investors (QFII) will continue to be increased," she said.

 

During the Sino-US Strategic Economic Dialogue in May, China promised to triple the QFII quota to US$30 billion, providing foreign players more capital to buy domestic stocks which are currently off-limits to foreigners except QFII.

 

So far this year, the SAFE has granted more than US$30 billion to domestic banks, insurance firms and investment funds for overseas investment. But the actual outflow is far less than that amount.

 

Capital outflow is a way to improve the imbalance in China's international payment. In September, the country's trade surplus jumped 56 percent from a year earlier to US$23.9 billion, putting the figure for the first nine months of 2007 to US$185.65 billion, an increase of 69 percent year-on-year.

 

The huge influx6 of cash sent China's foreign exchange reserves to US$1.43 trillion by the end of September, further consolidating7 its position as having the world's largest foreign exchange reserves.

 

Some western countries claimed that was a result of an undervalued yuan and have been piling up pressure for China to quicken the revaluation of the yuan.

 

However, Hu disagreed, saying that was caused by both global and domestic situations. "Appreciation8 [of the renminbi] alone can not solve the problem," Hu said, citing President Hu Jintao as saying that comprehensive measures will be adopted to maintain a basic equilibrium9 in the balance of payments.

 

She added China has made tremendous efforts to address this issue and prefers to sort things out by getting to the root cause.

 

She promised more openness from the Chinese side and pledged to hold more talks with the international community on this issue. "Talks and mutual10 understanding are needed to end conflicts," she added.

 

Hu's remark is in line with vice11 central bank governor Wu Xiaoling, who is heading a Chinese delegation12 to the International Monetary13 Fund and World Bank meetings in Washington amid rising pressure by the United States and some European countries for China to quicken the revaluation of the yuan.

 

"Moving the exchange rates in the absence of economic restructuring policies will hurt China," Wu told a forum14 at the Peterson Institute of International Economics.

 

"Since China is one of the driving forces of the global economy, this will accordingly hurt the global economy," adding that these actions "show the responsibility of China as a large emerging market."

 

"We believe the exchange rate plays only a limited role in balancing the international trade and reducing the trade surplus," Wu said.

 

Zhou Xiaochuan, China's central bank governor also expounded15 on the country's foreign exchange regime on Thursday during a press conference. The market will play a bigger role in determining the exchange rate of the yuan and full convertiblility of the yuan will eventually be realized, Zhou said.

 

By the end of September, the yuan has risen 10.19 percent in value against the US dollar since July 2005 when China scrapped16 the peg17 to the greenback. In August, regulators allowed the yuan to go up or down 0.5 percent each day along a midpoint, up from the previous 0.3 percent, paving the way for greater flexibility18.

 

Direct individual investment in overseas stocks

 

Responding to suggestions on the addition of more geographic19 regions or financial institutions to the pilot scheme that will allow individuals to make direct investment in the overseas stock market, Hu Xiaolian said authorities are considering the possibilities.

 

In August, the SAFE announced that direct investment could be made through Bank of China branches in North China’s Tianjin Municipality.

 

Analysts20 said that China may add other regions where the financial sector21 is relatively22 developed, or where individuals have a big investment demand, to the pilot scheme. Other financial institutions with competitive edges may also be included into the trial.

 

"Relevant departments are actively23 improving details of the program, operation process and formulating24 management rules. Related institutions are also making full preparations in technical systems, personnel, legal documents, and investors' education," Hu said.

 

Asked whether China will set a threshold for individual investment, as well as a ceiling on the total amount invested through the scheme, she did not confirm and reveal any specific numbers.

 

"All this has to start from China's current situation," she told China Daily. "After all, it involves an overseas market and a new investment method, and will have far-reaching impacts."

 

Declining to disclose when the project will be formally launched, Hu explained preparations are underway. "We have to combine the satisfaction of investors' demand with an effective management of risks,"she said.

 

Major Events in Foreign Exchange Management:

 

-- Granting an annual quota of $20,000 to individuals for the purchase of foreign exchanges under current accounts in 2006, before raising the ceiling to $50,000 this year.

 

-- Allowing domestic enterprises to keep the foreign exchange under the current accounts

 

-- Lifting quota limits on overseas investment by domestic enterprises in 2006

 

-- Launching the QDII in 2006, after starting the QFII in 2003.

 

-- Releasing rules on the issuance of yuan-denominated bonds by international development institutions in 2005.

 

-- Scrapping25 the peg to US dollar in July 2005.

 

-- The China Investment Company was formally launched in September to make a more profitable use of forex reserves.

 
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点击收听单词发音收听单词发音  

1 liquidity VRXzb     
n.流动性，偿债能力，流动资产
参考例句：
  • The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
  • The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。
2 administrator SJeyZ     
n.经营管理者，行政官员
参考例句：
  • The role of administrator absorbed much of Ben's energy.行政职务耗掉本很多精力。
  • He has proved himself capable as administrator.他表现出管理才能。
3 qualified DCPyj     
adj.合格的，有资格的，胜任的，有限制的
参考例句：
  • He is qualified as a complete man of letters.他有资格当真正的文学家。
  • We must note that we still lack qualified specialists.我们必须看到我们还缺乏有资质的专家。
4 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
5 quota vSKxV     
n.（生产、进出口等的）配额，（移民的）限额
参考例句：
  • A restricted import quota was set for meat products.肉类产品设定了进口配额。
  • He overfulfilled his production quota for two months running.他一连两个月超额完成生产指标。
6 influx c7lxL     
n.流入，注入
参考例句：
  • The country simply cannot absorb this influx of refugees.这个国家实在不能接纳这么多涌入的难民。
  • Textile workers favoured protection because they feared an influx of cheap cloth.纺织工人拥护贸易保护措施，因为他们担心涌入廉价纺织品。
7 consolidating 6c04b889a235c3f1fd1ba84bc5ca1f80     
v.（使）巩固， （使）加强( consolidate的现在分词 )；（使）合并
参考例句：
  • These measures are meant for consolidating the system of basic medical care. 这些举措旨在夯实基层医疗体系，让老百姓看大病不必出远门。 来自互联网
  • We are consolidating the Chinese and English versions of our homepage. 我们将为您提供中英文版本一起的主页。 来自互联网
8 appreciation Pv9zs     
n.评价；欣赏；感谢；领会，理解；价格上涨
参考例句：
  • I would like to express my appreciation and thanks to you all.我想对你们所有人表达我的感激和谢意。
  • I'll be sending them a donation in appreciation of their help.我将送给他们一笔捐款以感谢他们的帮助。
9 equilibrium jiazs     
n.平衡，均衡，相称，均势，平静
参考例句：
  • Change in the world around us disturbs our inner equilibrium.我们周围世界的变化扰乱了我们内心的平静。
  • This is best expressed in the form of an equilibrium constant.这最好用平衡常数的形式来表示。
10 mutual eFOxC     
adj.相互的，彼此的；共同的，共有的
参考例句：
  • We must pull together for mutual interest.我们必须为相互的利益而通力合作。
  • Mutual interests tied us together.相互的利害关系把我们联系在一起。
11 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。
12 delegation NxvxQ     
n.代表团；派遣
参考例句：
  • The statement of our delegation was singularly appropriate to the occasion.我们代表团的声明非常适合时宜。
  • We shall inform you of the date of the delegation's arrival.我们将把代表团到达的日期通知你。
13 monetary pEkxb     
adj.货币的，钱的；通货的；金融的；财政的
参考例句：
  • The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
  • Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。
14 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。
15 expounded da13e1b047aa8acd2d3b9e7c1e34e99c     
论述，详细讲解( expound的过去式和过去分词 )
参考例句：
  • He expounded his views on the subject to me at great length. 他详细地向我阐述了他在这个问题上的观点。
  • He warmed up as he expounded his views. 他在阐明自己的意见时激动起来了。
16 scrapped c056f581043fe275b02d9e1269f11d62     
废弃(scrap的过去式与过去分词)； 打架
参考例句：
  • This machine is so old that it will soon have to be scrapped. 这架机器太旧，快报废了。
  • It had been thought that passport controls would be scrapped. 人们曾认为会放开护照管制。
17 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。
18 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。
19 geographic tgsxb     
adj.地理学的，地理的
参考例句：
  • The city's success owes much to its geographic position. 这座城市的成功很大程度上归功于它的地理位置。 来自《简明英汉词典》
  • Environmental problems pay no heed to these geographic lines. 环境问题并不理会这些地理界限。 来自英汉非文学 - 环境法 - 环境法
20 analysts 167ff30c5034ca70abe2d60a6e760448     
分析家，化验员( analyst的名词复数 )
参考例句：
  • City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
  • I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。
21 sector yjczYn     
n.部门，部分；防御地段，防区；扇形
参考例句：
  • The export sector will aid the economic recovery. 出口产业将促进经济复苏。
  • The enemy have attacked the British sector.敌人已进攻英国防区。
22 relatively bkqzS3     
adv.比较...地，相对地
参考例句：
  • The rabbit is a relatively recent introduction in Australia.兔子是相对较新引入澳大利亚的物种。
  • The operation was relatively painless.手术相对来说不痛。
23 actively lzezni     
adv.积极地，勤奋地
参考例句：
  • During this period all the students were actively participating.在这节课中所有的学生都积极参加。
  • We are actively intervening to settle a quarrel.我们正在积极调解争执。
24 formulating 40080ab94db46e5c26ccf0e5aa91868a     
v.构想出( formulate的现在分词 )；规划；确切地阐述；用公式表示
参考例句：
  • At present, the Chinese government is formulating nationwide regulations on the control of such chemicals. 目前，中国政府正在制定全国性的易制毒化学品管理条例。 来自汉英非文学 - 白皮书
  • Because of this, the U.S. has taken further steps in formulating the \"Magellan\" programme. 为此，美国又进一步制定了“麦哲伦”计划。 来自百科语句
25 scrapping 6327b12f2e69f7c7fd6f72afe416a20a     
刮，切除坯体余泥
参考例句：
  • He was always scrapping at school. 他在学校总打架。
  • These two dogs are always scrapping. 这两条狗总是打架。

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