65438+February 65438+April, the RMB exchange rate broke 7.82 for the first time, hitting a new record high.
Zhou Xiaochuan, governor of the People's Bank of China, said here today that since the reform of the exchange rate formation mechanism, the RMB has appreciated by 5.75% against the US dollar, and the role of market supply and demand in the exchange rate formation has initially played, and enterprises have gradually adapted to the managed fluctuations of the RMB exchange rate, which has not caused any impact on economic development and financial stability.
Zhou Xiaochuan made the above remarks when he made a report on promoting the shareholding system reform of state-owned commercial banks and deepening the financial system reform to the 25th meeting of the 10th the National People's Congress Standing Committee (NPCSC) today.
On July 2, 2005, China officially implemented the reform of RMB exchange rate formation mechanism based on the principles of initiative, controllability and gradualism.
Zhou Xiaochuan pointed out that since the reform of the exchange rate formation mechanism more than a year ago, the RMB exchange rate has achieved a small two-way fluctuation, and the exchange rate flexibility has been significantly enhanced. With the further release of the reform effect of the exchange rate formation mechanism, the positive role of the new exchange rate system in promoting the adjustment of China's foreign trade structure, optimizing the economic structure, promoting industrial upgrading and realizing sustainable economic development will be further revealed.
Zhou Xiaochuan said that China will continue to implement a prudent monetary policy:
First, coordinate the use of various monetary policy tools, strengthen liquidity management, reasonably control the growth of money and credit, optimize the credit structure, and create a stable financial environment for sustainable economic development.
The second is to further promote the marketization reform of interest rates, establish and improve the interest rate formation mechanism determined by market supply and demand and regulated by the central bank through the use of monetary policy tools, and promote the gradual transformation of financial regulation from quantitative regulation to price regulation.
Third, according to the principles of initiative, controllability and gradualism, we will continue to play the basic role of market supply and demand in the RMB exchange rate formation mechanism, maintain the basic stability of the RMB exchange rate at a reasonable and balanced level, gradually enhance exchange rate flexibility, and guide enterprises to adapt to exchange rate changes. At the same time, improve foreign exchange management, promote trade and investment facilitation, and promote the implementation of the "going out" strategy.
Fourth, guide commercial banks to implement financial macro-control and national industrial policy requirements, maintain a reasonable and balanced credit supply, strengthen capital constraints, establish a risk prevention concept, improve credit quality, optimize credit structure, and achieve stable operation. At the same time, commercial banks are encouraged to adjust their business strategies, accelerate business innovation, expand asset utilization channels, and increase financial support for weak economic links such as agriculture, small and medium-sized enterprises, consumption, student assistance, and employment.
Fifth, strengthen the coordination of macroeconomic policies such as finance, currency, trade, industry and investment, give full play to the comprehensive effect of policy coordination, and promote the balanced economic development of China.