China to Open Up Financial Sector As Scheduled, PBOC Vice-Chief Says
Xu Wei
/SOURCE : yicai
China to Open Up Financial Sector As Scheduled, PBOC Vice-Chief Says

(Yicai Global) May 21 -- China will keep on making its financial sector more accessible for foreigners as its economy has been providing solid support to the exchange rate of the Chinese yuan, according to the vice-chief of the central bank. 

China will push forward its financial opening-up as scheduled, Xinhua News Agency reported yesterday, citing Pan Gongsheng, deputy head of the People's Bank of China. The sound and healthy operation of the Chinese economy and finance has helped to keep the yuan at a reasonable level, he added. 

The nation will push forward to enhance its cross-border trade and protect the rights and interests of overseas investors in order to improve its business environment, Pan said.

China's forex market has been operating steadily from the beginning of this year, with a rising inflow of overseas capital, increasing forex reserves and stable market expectations, Pan said, adding that the transformation of old and new growth drivers have accelerated.

The Manufacturing Purchasing Managers' Index was 50.1 in April, a tad into the expansion range. The broad money supply M2 grew 8.5 percent from the previous year to the end of April, logging a rising pace of growth. 

China has rich experience and ample policy tools to cope with market fluctuations, said Pan, adding that the nation may strengthen macro prudent management by using counter-cyclical adjustment measures.

"China has the foundation, capability and confidence to keep the yuan's exchange rate basically stable at a reasonable and balanced level," he said.

Editor: Emmi Laine

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Keywords: PBOC , Financial Sector