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Beijing to set pace for currency reform(03/10/04)

Chinese Finance Minister Jin Renqing and President of the Central Bank Zhou Xiaochuan, have both held talks in Washington with counterparts from G-7 countries. The Chinese finance minister said China is moving towards a more flexible currency, but added that Beijing would set the pace of reform.

Chinese Finance Minister Jin Renqing said, "We will continue to reform the renminbi's exchange rate system. Essential to the reform is setting up a more flexible mechanism for setting the RMB exchange rate -- in line with fluctuations in supply and demand on the currency market. The reform is a comprehensive and complex project. We have to take into account China's macro-economic performance, the progress of reform in China's banking sector, the financial situation in neighboring countries, and the global economy. But, we are making careful plans to steadily and efficiently advance the reform."

 


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