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在线翻译:
szdaily -> Business_Markets -> 
Central banker calls for continued reform
    2017-10-11  08:53    Shenzhen Daily

THE government should continue to open up its economy, reform its exchange rate system and ease capital account controls, Zhou Xiaochuan, governor of China’s central bank, told business magazine Caijing in an interview.

Zhou said the timing of reforms is very important and that the window of opportunity should be seized when it opens, according to the interview published Monday. Costs will rise if the opportunity for reforms is missed, he said.

The nation’s longest-serving central bank chief defined a “troika” of three drivers needed to further open up the economy, citing greater foreign trade and investment, a more market-based foreign exchange rate mechanism with a “reasonable and balanced” yuan rate, and the relaxation of capital controls to allow use of the yuan to be gradually freed.

“Opening-up needs to be pushed ahead further, and we could take bigger steps to increase the market access for financial institutions and the opening-up of the financial market,” Zhou said in the interview, which looked back at the country’s financial and currency reforms over decades and marked one year since the International Monetary Fund added the yuan as the fifth component of its reserve currency basket.

China had hoped the inclusion would attract overseas investment and help stabilize the currency in the long run. Swift data show global transactions using yuan fell to 1.94 percent in August, down from a record 2.79 percent two years earlier. (SD-Agencies)

 

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