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

  Home>News Center>China
       
 

China not to use forex on oil stockpile
By Chuan Yu (China Daily)
Updated: 2005-09-24 06:49

China has no plans to use its soaring foreign exchange reserves to build up a strategic oil stockpile, a central bank official said on Friday.

Ji Min, financial market division chief of the research bureau of the People's Bank of China, told a forum that the nation's more than US$700 billion forex reserves are still being held exclusively in non-tangible assets, mainly financial assets and portfolio investments.

Some researchers have said China should use part of its forex reserves to buy crude oil, but senior officials have said the current high prices in the international market would make it a bad move.

China's forex reserves expanded rapidly in recent years, largely as a result of its trade surpluses and expectations of local currency revaluation.

The rapid growth has also prompted debate about the necessity of holding forex reserves as large as China's, which are the world's second largest behind Japan.

Sceptics say the reserves, mostly held in United States' treasury bonds and other government bonds, are not being used profitably enough given the relatively low returns on bonds, although others argue that the role of forex reserves is mainly to protect financial security of a nation in stead of making profits.

The faster than desired growth in forex reserves has also frustrated China's central bankers, as they have to increase local money supply, which runs contrary to the strong need to contain inflationary pressures, so as to maintain the floating band of the local currency, or renminbi.

But the nation's unfolding plan to reform its exchange rate system, which aims to improve flexibility, is supposed to be reducing such pressures as it helps dissipate speculation, a strong force driving up forex inflows.

After changing a decade-old exchange rate forming mechanism to one with reference to a currency basket instead of the US dollar two months ago, the Chinese central bank yesterday further broadened the floating band of the renminbi to give banks more flexibility in pricing.

The floating range for renminbi against non-US dollar currencies in the interbank cash market has broadened to 6 per cent from 3 per cent previously.

The renminbi appreciated 2 per cent against the US dollar in the July-21 reform to 8.11 yuan.

(China Daily 09/24/2005 page1)



Names solicited for baby mandrill
British Princess Anne visits children in Hefei
Police parade to show skills in Changchun
  Today's Top News     Top China News
 

Low-altitude airspace 'open in 2010' for private flyers

 

   
 

China not to use forex on oil stockpile

 

   
 

Indonesia urged to probe fishing incident

 

   
 

Old man who touched China's heart dies at 93

 

   
 

Diving Prince may assume official post

 

   
 

No.18 tropical storm to hit south China

 

   
  China bank gets IPO OK from HK bourse
   
  Central bank to gradually lessen forex role
   
  Indonesia urged to discipline its navy
   
  Officials found reluctant to retract stakes in coal mines
   
  Insurance agents are capital's best paid
   
  Beijing's car-free day gets mixed reception
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  News Talk  
  It is time to prepare for Beijing - 2008  
Advertisement
         
民权县| 琼中| 海阳市| 化州市| 曲靖市| 鹤庆县| 冕宁县| 枣阳市| 昌乐县| 苏尼特左旗| 云南省| 驻马店市| 田林县| 无棣县| 武强县| 周至县| 蓬莱市| 河东区| 增城市| 乌兰察布市| 乌鲁木齐市| 望谟县| 福鼎市| 崇礼县| 普宁市| 鲁山县| 天峻县| 萍乡市| 西宁市| 南陵县| 墨脱县| 吕梁市| 获嘉县| 聂拉木县| 福州市| 彭州市| 内丘县| 建始县| 神木县| 乌兰察布市| 察隅县|