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BEIJING (MNI) - The People's Bank of China (PBOC) will push for the further
opening of the financial sector and a raft of policies to facilitate foreign
investment, according to a deputy governor from the central bank.
Speaking on Saturday at the 2019-2020 Annual Meeting on the Chinese Economy
held by the China Center for International Economic Exchanges, deputy PBOC
governor Chen Yulu said the bank planned to improve capital account
convertibility and reform the exchange rate mechanism to minimize risk while
also stabilizing market expectations and facilitating foreign investment.
Here are some key takeaways from Chen's speech:
- Capital account convertibility will help stabilize market expectations
and draw foreign investment. A market-oriented exchange rate formation mechanism
can reduce risks and effectively allocate resources. In the process of opening
up its financial sector, China will take steps to push relative reforms.
- Opening up should match regulatory capacity to prevent risks. China will
enhance macro-prudential management (MPA) and strengthen facilities serving
payment, depository and settlement while accelerating the growth of both onshore
and offshore markets.
- China will coordinate with other countries in monitoring cross-border
capital flow to prevent large capital movements that may trigger systemic risks.
- The PBOC will continue to build up the macro-prudential policy framework
targeting forex, property and bond markets. The central bank has enhanced its
macro-prudential policy since 2009 by introducing differential reserve
requirement ratio for different market participants and MPA.
- The PBOC will continue to implement a prudent policy and maintain a
healthy general leverage ratio in the financial system to support "high-quality
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