China's PBOC to control short-term foreign debt

Zhou Xiaochuan, governor of the People's Bank of China has said China will keep controls on short-term foreign borrowings and limit speculative activity even after it liberalises the capital account.

'China will continue to improve the managed floating exchange rate system and maintain a stable yuan at a reasonable and balanced level,' Zhou said.

Zhou said in China's Study Times, a newspaper published by the Communist Party training school, that capital account liberalisation and currency refo