Central Bank Governor Zhou Xiaochuan: Maintain Prudent Monetary Policy Stance

Zhou Xiaochuan, governor of the people's Bank of China, said at the thirtieth meeting of the international monetary and financial committee in Washington that the Chinese government will continue to push ahead with structural adjustment, and that the reform of interest rate liberalization will continue to improve the efficiency of financial resources and improve the framework of monetary policy. The RMB exchange rate reform will further improve, and the pace of capital account convertibility will steadily increase.

Zhou Xiaochuan said. China The deposit insurance system will be established in due course. At the same time, the reform of the financial system, state-owned enterprises and financial institutions will continue. Urbanization and household registration reform will be carried out as planned. Zhou Xiaochuan stressed that China's economy will continue to contribute to the stability of the international monetary system through the balance between reform, structural adjustment and support for the stability of the two economies.

Zhou Xiaochuan said that the Chinese government will continue to maintain the consistency and stability of macroeconomic policies, strive to keep growth in a reasonable range, promote employment and guide inflation expectations, and inflation will continue to be moderate.

"Since 2013, the scale of the third industry has surpassed that of the second industry. With the continuous growth of labor income, consumption continues to play an important role in the economy. Against this background, coupled with the increasing elasticity of RMB exchange rate, the proportion of current account surpluses to GDP has narrowed from 2% in 2013 to 1.8% in the first half of this year. Zhou Xiaochuan stressed that China's economic restructuring will continue to advance.

In terms of monetary policy, Zhou Xiao Sichuan The Chinese government will continue to carry out prudent policy stance to carry out credit and macro prudential policies to ensure reasonable growth in capital, credit and social financing while maintaining liquidity at a reasonable level.

Zhou Xiaochuan, governor of the people's Bank of China, said in the gap of the IMF World Bank annual meeting that some countries have used the renminbi as reserve currency.

Zhou Xiaochuan said that some countries have used the renminbi as a reserve currency for several years, but they are "unwilling to speak out". He said that as China's economy continues to grow and financial reform continues to deepen, more countries are willing to adopt the renminbi as a reserve currency. China also needs to do some homework in promoting the people, including gradually allowing the RMB to be convertible, taking measures to respect the law of market supply and demand and maintaining financial stability.

A day earlier, it was reported that the European Central Bank is going to discuss whether to increase Renminbi in foreign exchange reserves next week.

In addition, Yi Gang, vice governor of the people's Bank of China, said in the gap of the IMF World Bank's autumn annual meeting that whether the renminbi will be included in the IMF special drawing rights (SDR) will happen naturally when conditions are ripe. This will be a matter of course.

About IMF special drawing rights :

SDR is a reserve asset and accounting unit created by the IMF. It is a right of fund allocation to Member States. SDR uses a fixed value method of basket of currencies. The basket of currencies is reviewed every five years to ensure that the currency in the basket is the representative currency used in international spanactions. At present, there are four currencies, which are weighted by US dollar, euro, pound and Japanese yen, and the weights are 41.9%, 37.4%, 11.3% and 9.4% respectively. The IMF examines the basket of currencies every 5 years and the next time is 2015.