China
IMF urge relaxing of yuan peg to ease bad loans
The International Monetary Fund (IMF) has advised China to relax the yuan's dollar peg to help rein in excessive credit growth that threatens to cause a build-up of bad loans in the banking system.
China's PBOC considers new plan on NPLs
The People's Bank of China is considering adopting an aggressive new strategy to offload another 200 bln yuan in non-performing loans (NPLs) from the Bank of China and China Construction Bank, as the government steps up its efforts to clean up the nation…
Inflation still low, no rate hike needed - PBoC
China's current level of inflation does not yet warrant an interest rate hike, a member of the monetary policy committee of People's Bank of China (PBoC) was quoted in the official Shanghai Securities News as saying.
Taylor says flexible yuan would ease overheating
The US has continued its pressure on China to move to a more flexible exchange rate system, with Treasury Under Secretary John Taylor saying Monday such a switch would help ease the overheating now being seen in the economy.
US press China on yuan reform
U.S. Treasury Under-Secretary John Taylor on Monday pressed China to adopt a more flexible currency regime to cool its overheating economy.
China must be careful over forex rate- Premier Wen
China must be careful before changing its fixed exchange rate because any rash change could mean trouble for the economy and that of the rest of the world, Premier Wen Jiabao said in an interview on Wednesday 28 April.
PBOC's Zhou: no G7 pressure for forex shift
Finance ministers of the Group of Seven did not show impatience with China's fixed exchange rate, Zhou Xiaochuan, governor of the People's Bank of China, said in an interview.
Report says China to move towards floating rates
A senior Chinese official told the UK Financial Times that Beijing no longer favours a fixed exchange rate and will move toward a floating system as part of reforms to loosen capital controls and give market forces more scope, the newspaper reported…
Yuan convertibility 'top priority' says Zhou
People's Bank of China governor Zhou Xiaochuan was quoted as saying the central bank will take steps to let market forces play a bigger role in determining the yuan's value as this is a "top priority".
Flexible yuan may not ease overheating- IMF
The International Monetary Fund's chief economist Raghuram Rajan said on Wednesday 14 April that it was unclear if any loosening of the Chinese yuan's peg to the dollar would prevent overheating of the Chinese economy.
Eichengreen urges controlled yuan float
Barry Eichengreen, a senior policy adviser to the International Monetary Fund (IMF) during the Asian financial crisis has said that China should immediately stop pegging the yuan to the US dollar and instead move to a controlled float of its currency.
PBOC: China to make yuan fully convertible
China will make the yuan fully convertible, People's Bank of China governor Zhou Xiaochuan said.
Snow tells PBOC governor to scrap peg
U.S. Treasury Secretary John Snow told People's Bank of China Governor Zhou Xiaochuan on Friday 26 March that China needs to scrap its dollar-pegged foreign exchange system and float the yuan.
PBOC vice-governor: yuan hasn't cost US jobs
Guo Shuqing, vice-governor of the People's Bank of China and director-general of the State Administration of Foreign Exchange (SAFE), said in an interview that the allegation the renminbi is undervalued and has cost US jobs is unfounded.
PBOC says China to keep yuan 'basically stable'
The People's Bank of China said on Thursday 11 March that it will keep the exchange rate of the yuan "basically stable," despite continued pressure to allow it to float freely.
China to keep close watch on monetary policy
People's Bank of China governor Zhou Xiaochuan told a press conference that the PBOC will "keep a close watch" on the effects of monetary policy, and did not rule out the possibility of an increase in interest rates later this year.
PBOC says advisable to maintain stable yuan
China's yuan exchange rate should be kept at a relatively stable level given the recent emergence of trade deficits, a People's Bank of China official said on Wednesday 10 March in an editorial in a China daily.
PBOC says no plan to revalue yuan soon
Deputy governor Li Ruogu of the People's Bank of China said on Sunday 7 March that China does not plan to revalue the yuan in the near future and that the dollar pegged currency is valued correctly.
Fed says foreign central banks buying record debt
Holdings of U.S. debt by foreign central banks have hit a new record, the Federal Reserve said on Thursday 4 March, the 19th straight week that purchases of Treasury and agency paper have risen.
PBOC repeats plan to perfect exchange rate regime
China plans to give the market a greater role in setting the exchange rate for the yuan, but will keep the fixed currency basically stable for now, the country's foreign exchange chief said on Friday 5 March.
China to keep monetary policy & yuan stable in 04
China's Premier Wen Jiabao will tell parliament on Friday 5 March that China will retain stable monetary policy and proactive fiscal policy in 2004, but aims to pare down lending to duplicate projects to curb over-investment.
China rejects Greenspan's forex warning
China dismissed warnings by Fed chief Alan Greenspan that it faces serious economic consequences if it continues to mount up massive US dollar holdings as it defends the dollar pegged yuan system.
Greenspan says yuan float now would pose risks
A letter from Alan Greenspan to the US Senate has said that a free-floating yuan could threaten the world economy and destabilise the Chinese banking system if capital controls are removed.
China plans central bank inspection
China plans to launch an extensive inspection of the central bank as well as three policy banks and five commercial banks, in an effort to strengthen state supervision over China's ailing banking sector, the official news agency said.