Zhou Xiaochuan
Zhou Xiaochuan
Zhou Xiaochuanis a Chinese economist, banker, reformist and bureaucrat. As governor of the People's Bank of China since December 2002, he has been in charge of the monetary policy of the People's Republic of China. He was reappointed to the same position in March 2013, making him the longest-serving central bank chief since the establishment of the People's Republic of China...
euro japanese korean major partners trading united won
China's major trading partners are the United States, the euro land, Japan, Korea, etc., and naturally, U.S. dollar, euro, Japanese yen and Korean won become major currencies of the basket.
chinese companies company corporate economy global learn looking market ownership planned public tried
In the 1980s, Chinese companies tried to get out of the traditional, centrally planned economy and become market players. In the 1990s, many Chinese companies tried to restructure their company structure, to have ownership diversification, to go public domestically or internationally, and then to learn to set up new corporate governance. And after that, I think Chinese companies are looking more and more to the global competition.
capital economic rather sudden system
At the same time, international capital is rather mobile, and China's economic system is still not able to withstand sudden and disorderly adjustments.
bit chinese faster
Probably it could be a little bit faster but it is not the way of Chinese reformers to do things.
basket constitute
They will constitute the basket of the currencies and be weighted accordingly,
actual based both floating future home range situation terms
This floating range can be expanded in terms of the future development, but it has to be based on the actual situation both at home and internationally.
basket currency dollar less reference share
The share of the US dollar in the currency basket that's used as a reference is much less than 50 percent.
bonds buy china current elections employment exchange foreign good issues pressures reserves rest state subsidize treasury using
We know the U.S. has pressures -- employment issues and elections and the credibility of the government. For China, we could also say that the current state is not only good for China but also for the rest of the world and also good for the U.S. because we are using our foreign exchange reserves to buy U.S. Treasury bonds and subsidize U.S. consumers.
domestic
We need to look at domestic and international needs.
economic exchange financial july market meet needs rate reforms regime role social
The reforms of the exchange rate regime made in July meet the needs of China's economic and social development and play a significant role in maintaining macroeconomic and financial market stability.
economic further reform respect timing
We should go further to reform but respect economic stability. Timing is important.
allow bring demand effect exchange gradually greater market rate supply
We think (we) can allow market supply and demand to gradually bring about a greater effect on the exchange rate float.
china continue exchange gradual increase means premier rate
What the premier said means that China would continue to increase the flexibility of the RMB exchange rate in a gradual manner.
foreign interest rates
We will have decontrol of interest rates and foreign exchange.