Stable RMB exchange rate conducive to stability in region, world: Jin Renqing
( 2003-09-23 20:06) (Xinhua)
The stability of the Chinese currency Renminbi (RMB) exchange rate is conducive to stable economic and financial development not only in China but also in the region and the world, said Chinese Finance Minister Jin Renqing Tuesday in Dubai, United Arab Emirates.
Jin made the remarks at a joint discussion of the World Bank Group and International Monetary Fund annual meetings, which formally kicked off in the Gulf emirate of Dubai earlier in the day.
The Chinese government has always held a serious and responsible attitude toward the issue of RMB exchange rate, Jin said.
"Since the eruption of the 1997 Asian financial crisis, the stability of RMB exchange rate has not only enhanced China's economic and financial stability, but also contributed to the financial and economic stability in the Asian region and the world," the Chinese finance minister said.
A country's foreign exchange regime should be determined by its economic development stage, its financial regulatory capacity, and the solvency of enterprises, he said.
"The market-based, single, managed floating exchange regime as adopted by China complies with China's fundamentals," Jin added.
"In tandem with deepening financial reform, the Chinese government will further improve the mechanism of RMB exchange rate, prudently liberalize capital account, gradually relax the constraints on using foreign currencies by firms and residents and closely monitor and adjust balance of payment," he told delegates from 184 countries.
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