Money

China to further open up its financial market: PBOC

(Xinhua)
Updated: 2011-04-08 14:59

BEIJING - China will further expand, optimize and open up its financial market, and gradually reduce central government market interventions in 2011, the People's Bank of China (PBOC) said in a report Friday.

The country will deepen its "go global" strategy through steadily opening up its financial market this year, PBOC, the central bank, said in the China Financial Market Development Report 2010.

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It will also further open up the domestic bond and stock markets in the year to foreign investors and let more currencies be traded against the yuan, said the report.

The government will play an active role in guiding and supporting key industries, especially small and medium-sized enterprises, to diversify financing mechanisms through issuing multiple bonds and developing other new financing channels, said the report.

As ongoing construction projects demand more financing, along with the emerging industries, more entities will turn to the capital market, boosting both the issuance and trading of stocks and securities, the report said.