2005-07-30

Zhou Xiaochuan's speech

According to HK Media (Ming Pao , Oriental Daily)

Zhou Xiaochuan of PBoC said more technical details on RMB reform will be announced gradually, including
  • New product and feature in China;s forex market (maybe some derivative under capital control, how?)
  • Details of the basket, the principles and mechanism
  • (confirming my understanding of the translucent box) Future adjustment will be carried out strictly based on the basket principles and mechanism, there will not be human intervention in secret

Zhou also reportedly "urged" corporation to use EUR and JPY in trade contract and investment deals.

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周小川稱逐步發放匯改信息 (明報 - 中國)

中國人民銀行行長周小川表示,下一步將逐步提供更多人民幣匯率形成機制改革的相關技術信息。 周小川透露,人民幣匯率形成機制改革之信息有一個逐步釋放的過程,下一步將逐步面向專業市場人士提供更多匯改相關技術信息,如外匯市場的新變化和新產品,有關一籃子貨幣的概況、原理和構成原則等。周小川說,傳遞匯改信息要充分考慮市場和公眾的消化吸收能力。

周小川又重申,人民幣匯率初始水平調整,是指在人民幣匯率形成機制改革初始時刻就做一調整,調整水平為百分之二,而非指人民幣匯率調整的幅度是初始的,事後還會有進一步調整。 他強調,今後的人民幣匯率是浮動的,即根據客觀規律發生波動,這種波動變化是由浮動機制所帶來的,而不再是官方對水平的調整。

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