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China to continue implementing a stable monetary policy
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08:45, July 06, 2007
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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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