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Chinanews, Washington, Nov. 16 – China will not change its foreign reserves policy that focuses on the US dollar, said Yi Gang, assistant governor of the People's Bank of China, also known as China's central bank, on Wednesday.
He made the statement while attending a financial forum1 held in Washington by the Cato Institute. China has 1.43 trillion US dollars worth of foreign exchange reserve with the US dollar making up the most part of it and the situation will remain so in future. There is a need for China to diversify2 its foreign exchange reserve. However, China will stick to its policy of taking the US dollar as the main form of its foreign exchange reserve, Yi said. In choosing an appropriate type of foreign currency, China will consider a number of factors including the currency's security, potential requital3 and liquidity4 in the market. The foreign currency should also be commonly used in virtual economy such as trade and foreign direct investment, Yi said. A country's foreign exchange reserve should well reflect its trade and investment trend. In responding to the allegation that China might possibly change its foreign exchange reserve structure, Yi said,“I think this reflects the opinion that some people hold. People can express their opinions freely and we will listen to their opinions attentatively. However, this doesn’t mean that China will change its current policy.”
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