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| A news conference on China's currency policy and financial reform is held by the first session of the 12th National People's Congress (NPC) in Beijing, capital of China, March 13, 2013. Governor Zhou Xiaochuan and other officials from China's central bank answered questions at the press conference. (Xinhua/Wang Song) |
China's central bank governor stresses prudent, neutral monetary policy
BEIJING, March 13 (Xinhua) -- China's central bank governor Zhou Xiaochuan Wednesday reiterated that the country's monetary policy will stay prudent and neutral in 2013.
China aims to keep its broad money supply (M2), which covers cash in circulation and all deposits, to grow at 13 percent this year and targets the inflation rate at 3.5 percent. Full story
China's M2 growth poses no inflation risks: central bank governor
BEIJING, March 13 (Xinhua) -- China's central bank governor Zhou Xiaochuan said Wednesday the nation's high growth of broad money supply M2, if kept at a proper level, will not result in sudden inflation, adding the bank aims high in controlling consumer prices.
Zhou made the remarks in response to a question of whether China's high growth of M2, which covers cash in circulation and all deposits, will bring inflation risks. Full story
China should remain on high alert for inflation: central bank governor
BEIJING, March 13 (Xinhua) -- China's central bank governor Zhou Xiaochuan said Wednesday that China should remain on high alert for inflation and the bank will take measures, including monetary policy adjustments, to stabilize prices.
Zhou made the remarks at a press conference on the sidelines of the parliament's annual session. Full story
China to maintain policy stability, continuity: central banker
BEIJING, March 13 (Xinhua) -- China's central bank governor Zhou Xiaochuan said Wednesday China will maintain the stability and continuity of those "good policies" no matter who becomes new governor of the People's Bank of China. Full story
PBOC sees low NPL level for Chinese banks
BEIJING, March 13 (Xinhua) -- Vice governor of China's central bank Pan Gongsheng on Wednesday dismissed concerns over bad loans given by Chinese lenders, adding that the banks' non-performing loans (NPL) remain low.
The total value of NPLs in the banking sector stands at less than 500 billion yuan (80 billion U.S. dollars), accounting for just 0.95 percent of total outstanding loans as of the end of 2012, Pan said at a press conference held on the sidelines of the legislature's ongoing annual session. Full story
Monetary measures to cool home prices to continue: central banker
BEIJING, March 13 (Xinhua) -- Monetary policies to cool home prices in China will continue or even strengthen in the future, said the country's central bank governor Zhou Xiaochuan at a press conference on Wednesday.
The measures include down payment rates, special interests rates for housing loans and other measures, Zhou said. Full story
20 pct of local gov't financing vehicles vulnerable to risks
BEIJING, March 13 (Xinhua) -- About 20 percent of China's local government financing vehicles are not profitable and thus are vulnerable to risks, said central bank governor Zhou Xiaochuan on Wednesday.
"We should not underestimate risks in local government financing vehicles, nor should we overestimate them," Zhou said at a news conference on China's currency policy and financial reform, held on the sidelines of the first annual session of the 12th National People's Congress. Full story
Credit rating of China's railway bonds to remain intact after restructuring
BEIJING, March 13 (Xinhua) -- A senior central bank official said Wednesday that the credit rating of the bonds issued by the Ministry of Railways (MOR) will remain intact after the ministry's restructuring.
China plans to dismantle the MOR into administrative and commercial arms to reduce bureaucracy and improve railway service efficiency. The hefty debts of the ministry arouse worries of defaulting. Full story
Taiwan's chance of becoming offshore yuan center to be decided by market
BEIJING, March 13 (Xinhua) -- A senior mainland financial official said Wednesday that whether Taiwan would become an offshore trading center for the yuan should be decided by the market.
"Things will be settled when conditions are ripe," vice governor of China's central bank Yi Gang made the remarks when asked whether the central bank would support Taiwan to become an offshore yuan market. Full story
China to ensure online payment safety
BEIJING, March 13 (Xinhua) -- The People's Bank of China (PBOC), the country's central bank, on Wednesday called for more people to be alert of potential risks concerning online payment methods.
About 40 percent of the 221 million people who use online payments regularly do not pay enough attention to safety, while 40 percent of consumers ignore possible risks when problems occur, said Zhou Jinhuang, deputy director of the PBOC's payment department. Full story
Central bank supports emerging Internet financing: governor
BEIJING, March 13 (Xinhua) -- China's central bank governor Zhou Xiaochuan said Wednesday that the bank is supportive of emerging Internet-aided financing models such as Alibaba's financing platform as they help bring challenges and competition to traditional sectors.
"The new models will force traditional sectors to improve their products and services," Zhou said at a press conference on the sidelines of the annual legislative session, as he was asked to share opinions on such new financing models. Full story
China's gold reserves stand at 1,054 tonnes
BEIJING, March 13 (Xinhua) -- Vice governor of the People's Bank of China (PBOC) Yi Gang said Wednesday that the country's gold reserves now stand at 1,054 tonnes, adding that a massive increase is unlikely in the future.
"We need to take into account both the stability of the market and gold prices," Yi said when asked about whether China will increase the size of its gold reserves at a press conference held on the sidelines of the legislature's ongoing annual session. Full story
China to promote capital opening "step by step"
BEIJING, March 13 (Xinhua) -- China will promote the convertibility of Renminbi under capital accounts step by step, although the yuan's increasing cross-border use will accelerate the process, People's Bank of China (PBOC) governor Zhou Xiaochuan said Wednesday.
"Making the yuan convertible under capital accounts is quite complicated," Zhou said at a press conference held on the sidelines of parliament's annual session. Full story
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