英闻天下——394 China's Central Bank Governor Stresses Stability

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　　CRI's Su Yi has more.

 

　　"It does not matter if I have another term or not. Practice is the sole criterion of truth. Practice tests whether policies are effective. Those 'good things' are definitely going to remain consistent and stable."

 

　　Zhou Xiaochuan's comments came at the press conference on the sidelines of China's ongoing² parliamentary session.

 

　　In the realm of monetary policy, the Chinese government has set the growth target of broad money supply, or M2, at 13 percent for 2013.

 

　　The central bank governor says this will keep the policy both "prudent³ and neutral".

 

　　"This target of 13 percent represents a prudent and neutral monetary policy. We are no longer carrying out the relatively⁴ easy monetary policy, which was adopted during the global financial crisis."

 

　　With the new M2 target also smaller than last year's, Zhou also says it's an indication that the central government is emphasizing more on the stability of consumer prices.

 

　　But he warns they still can't let their guard down against inflation.

 

　　"Stabilizing⁵ consumer prices is the most important task of the central bank in most cases. The central bank has always put high attention on preventing consumer prices from rising too quickly."

 

　　China's consumer price index, or CPI, which is the main gauge⁶ of inflation, rebounded⁷ to a 10-month high of 3.2 percent in February.

 

　　It was over 1 percent higher than January, bringing back concerns of inflation once again.

 

　　The central government has set this year's inflation target at 3.5 percent.

 

　　And as far as the country's financial reforms go, Zhou Xiaochuan says realizing the free trading of Renminbi is a must for the government.

 

　　"We are pushing forward the free trading of Renmingbi in capital and financial account. That means, with or without the current window period of the global financial crisis or Renminbi internationalization, we are determined⁸ to realize the free trading of Renminbi in capital and financial account."

 

　　At the same time, the deputy central bank governor Yi Gang, says whether a place becomes an offshore⁹ yuan trading center, depends on the market forces.

 

　　"It will be decided¹⁰ by whether the needs of trading partners and financial institutions are concentrated in one place. In the future, several important global financial hubs could become Renmingbi's offshore trading center, but it depends on factual needs and the results of market competitions. It is like old saying 'fruits fall off when ripe' or a canal if formed when water comes'."

 

　　China's central bank though is thought to be allowing more flexibility¹¹ in the Renminbi's currency exchange rate.

 

　　Especially with a currency trading pilot program now set up in Shenzhen's Qianhai district set to try out new measures.

 

　　For CRI, I'm Su Yi.

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