BEIJING, July 19 (Xinhuanet By Jiang Guocheng) -- China's central bank said Tuesday it will
continue to keep the exchange rate of Renminbi, China's currency, basically
stable at a reasonable and balanced level in the second half of this year.
In a press release issued after a meeting by heads of the bank and its provincial
branches, the bank said it is one of its major tasks in the six months
to deepen the reform of its foreign exchange administrative system, and push
forward the reform of RMB exchange rate mechanism and keep the RMB exchange
rate basically stable at a reasonable and balanced level.
China must uphold the principles of independent initiative, controllability
and gradual progress in pursuing RMB exchange rate
reform in accordance with its own needs of reforms and development, the
Zhou Xiaochuan, governor of the bank, made a speech at the two-day meeting,
which concluded Tuesday in Hohhot, capital of north China's Inner Mongolia
On other major tasks it faces in the coming months, the bank said it will continue
to implement its prudent monetary policy and maintain stable growth of
The bank said China's economy has been in a good shape since early this
year with new progress being made in economic restructuring.
The economy is continuing to move to the envisaged direction of the
macro-economic control, said the bank.
But it warned the deep-rooted contradictions and problems that hinder the
sustainable, rapid and healthy development of national economy have not yet been
The bank called for close attention to the trend of economic development. Enditem