New China central bank chief vows to continue opening financial system

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  1. sniper-academy

    sniper-academy Administrator Staff Member

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    Yi Gang, newly named governor of the People's Bank of China, said the country would gradually open up to foreign investors in a speech Sunday at the China Development Forum in Beijing, according to a Reuters report. This would also include reforms of the country's economic and financial system, as an opening up would make the People's Republic more competitive. "We have three major tasks for the financial system. First, implement prudent monetary policy. Second, push forward financial reforms and opening up. Third, win the battle against financial risks," the central banker said. This would include, for example, opening the Chinese government bond market further. A second phase of the country's cross-border settlement system for its currency, the yuan, will also soon be rolled out, making payments more efficient for global businesses. The yuan, the exchange rate of which is under government control, will be kept more or less stable, Yi said. One dollar last bought 6.2808 onshore yuan , down 0.5% from Friday, and 6.2681 offshore yuan , 0.7% lower versus late Friday in New York, according to FactSet.

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