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Dai Xianglong: RMB to remain stable
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DAI XIANGLONG, governor of People's Bank of China, told the Bank of International Settlements (BIS) 71st Share-holders Conference in Switzerland recently that the nation's currency, the RMB, would remain stable.\,
Dai said that slow economic growth in some leading industrial countries has greatly impacted the economic development of some Asian countries.\;
However, Dai stressed that the macro-economic situation in Asian countries has greatly improved, the exchange rate system has become more flexible, the tool of interest rate has been efficiently used, the balance of payment has witnessed marked improvement, and there has been a dramatic increase in foreign exchange reserve. Given this, a financial crisis similar to that of 1997 will not occur in Asian countries.\;
Dai said that the US economic slowdown would have a negative impact on China's economic growth. The Chinese Government will continue to carry out the policy of expanding domestic demands, so as to promote the sustained and rapid development of the national economy.\,
(SD-Agencies)
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