国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

National

Regional

Taiwan, HK, Macao

Special Coverage

Focus

Society

Profiles

Looser currency controls on cards

By Xu Binglan and Li Fangchao (China Daily)
Updated: 2007-03-09 07:24

The authorities are considering further relaxing currency controls to slow down the expansion of the country's foreign exchange reserves, the chief of the State Administration of Foreign Exchange (SAFE) said yesterday.

SAFE Director Hu Xiaolian said new measures under consideration include allowing individuals to convert their renminbi holdings into foreign currency and invest the money in overseas markets on their own, and allowing Chinese companies to issue bonds denominated in hard currencies.

She was speaking to reporters on the sidelines of the annual session of the National People's Congress.

China launched the Qualified Domestic Institutional Investor Scheme (QDII) in April 2006.

Under the scheme, selected institutions are allowed to pool individuals' foreign currency holdings and invest the money in overseas financial markets.

But only a fraction of the $14 billion QDII quota has been used.

Hu said the design of QDII products had to be improved to make them more attractive.

But analysts say expectations that the renminbi would appreciate further were also a key reason for the lukewarm domestic response to QDII.

Hu said regulators had heard calls to allow individuals to buy foreign currency and invest the money overseas by themselves.

"It is an idea worth exploring," she said. "But we need to research the channels and amounts (for individuals overseas investments using foreign exchange)."

Hu said regulators would also consider permitting domestic institutions to issue bonds in foreign currencies.

"It is a very good idea, which we will definitely include within the scope of our research," she said.

China allowed international development agencies to float yuan-based bonds last year.

Responding to questions about the size of foreign exchange assets to be managed by the proposed State Foreign Exchange Investment Company, Hu said: "Really, it has not been decided."

Wu Xiaoling, vice-governor of the central People's Bank of China, said earlier this month that a new company would be established to manage the nation's foreign exchange reserves.

Former SAFE Director Guo Shuqing said yesterday that the new company would be integrated in the Central Huijin Investment Co, the investment arm of the central bank, which has already used part of the foreign exchange reserves to recapitalize State-owned financial institutions.

However, Guo, now the chairman of China Construction Bank (CCB), refused to make further comments on the issue. He was also speaking to reporters, but on a different occasion.

CCB's overseas plan

Guo said his bank had plans to open branches in the United States, Europe, Australia, the Middle East and Southeast Asia.

But he said he had found it difficult to open branches in developed countries because they have many barriers and restrictions for foreign players.

"Their banking industry should be more open," he said.

CCB now has six overseas branches, in the countries of Singapore, Tokyo, Seoul, Johannesberg, Frankfurt as well as the Hong Kong Administrative region.

(China Daily 03/09/2007 page5)