According to the central bank's
2002 report on the implementation of the monetary policy,
the low-level operation of China's commodity price will not
affect the global price dramatically. The commodity export
of China accounts for only 5 percent of the global total,
and the rate drops to around 2percent when the volume of
processing trade is deducted. The low rate will not exert
any decisive influence on the global price level. The
current RMB exchange rate tallies with China's national
conditions.
According to the 2002 report
on the implementation of the monetary policy recently
released by the People's Bank of China, China will continue
to maintain the stability of the interest rates on Renminbi
(RMB) savings deposits and loans. This year, long- and
medium-term plans will be formulated for the market-oriented
reform of interest rates on the basis of experiences
summarized from the reform since 1996. Further studies will
be conducted to unity the policies and measures on enlarging
the floating range of interest rates. Experience of pilot
projects in the reform of interest rates at rural credit
cooperatives under the county level will be summed up, in
order to promote the steady development of rural financial
service.
In 2002, the People's Bank
of China, by flexibly applying the means of interest rates,
steadily pushed forward the market-oriented reform of
interest rates, In early 2002, rural credit cooperatives in
eight counties launched pilot projects for the reform on the
basis of two enlargement of the floating range for the
interest rates of loans in 1998 and 1999. The floating range
for the interest rates of loans was increased from 50
percent to 100 percent, and the maximum floating range for
the interest rates of savings deposits was raised to 50
percent. In September 2002, the scope of experiment was
expanded.
According to the report, by
the end of 2002 the non-performing loans of the four
state-owned commercial banks was reduced by 78.2 billion
yuan in accordance with the five-grade classification
standard, and the non-performing loan rate dropped by 4.92
percentage points to 26.1 percent. In 2002 the ratio of the
loans to domestic non-financial enterprises, treasury bonds,
enterprise liabilities and stock financing was
79.4:15.3:1.3:4. Compared with 2001, the ratio of loans and
enterprise liabilities rose by 3.5 percentage points and 0,4
percent point respectively, while that of treasury bonds and
stock financing dropped by 0.4 percentage point and 3.5
percentage points respectively.
The report states that the current low-level
operation of China' s commodity price, for special reasons,
has little impact on the global price. In 2002 the volume of
global import and export trade stood at around US$6,000
billion. China's export volume totaled US$325.8 billion,
accounting for only 5 percent of the global total. The rate
dropped to 2 percent when the volume of processing trade was
deducted. The low rate will not exert any decisive influence
on the global price level.
The report says the current RMB exchange rate and
the exchange rate formation mechanism tally with China's
national conditions. The overall situation of China's
international balance of payments has remained good and the
country's foreign exchange reserves have increased
considerably, which has laid a solid foundation for
maintaining the stability of the RMB exchange rate.
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