SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : Mish's Global Economic Trend Analysis
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: RealMuLan who wrote (26318)3/25/2005 11:13:10 AM
From: RealMuLan   of 116555
 
China to reverse substantive surplus in balance of payments


China is making measures in a bid to gradually reverse its substantive surplus in international balance of payments, according to the State Administration of Foreign Exchange Thursday.

China's balance of payments remained a "double surplus" in current account and capital account in 2004 while its foreign exchange reserve shot up to over US$600 billion at the end of last year.

It is a long-term target of the State Administration of Foreign Exchange to realize a moderate gain instead of large amount of surplus, said Wei Benhua, deputy director of the authority.

For such an end, the administration has taken a series of measures, which include reform in the management of foreign exchange account granting more rights for enterprises to utilize foreign exchanges; relaxing limits on overseas foreign exchange investment and supporting domestic enterprises to "go abroad"; selectively open securities investment in stages and expand the channels of capital flow; allowing Chinese citizens staying abroad to transfer their capitals and heritages in China abroad; allowing international development agencies to issue Renminbi securities in China.

According to Wei, the above measures will bring a change to the large surplus, which will promote a balanced development of the global economy.

By People's Daily Online


english.people.com.cn
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News