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Nation's macro-economy maintains stable
(Xinhua)
Updated: 2005-10-23 09:31 China's macro-economy remains stable and
fast-growing despite the Renminbi (RMB) exchange rate reform three months ago,
the central bank announced in a new document.
On July 21, the People's Bank of China, China's central bank, announced that
China's currency, the RMB, would be traded at a rate of 8.11 to the US dollar.
The yuan to US dollar pegging system was switched to a basket of foreign
currencies.
During the third quarter this year, China's economy maintained a robust 9.4
percent increase, spokesman Zheng Jingping for the National Bureau of Statistics
(NBS) said here Thursday at a press conference.
Thanks to a proper change margin and reform timing, the market in general can
stand the exchange rate reform, which is conducive to the balance of China's
foreign trade, the central bank said.
The RMB exchange rate, on the basis of market supply and demandand in
reference to a basket of currencies, will keep basic stability on a reasonable
and equilibrium level, the central bank said.
On financial macrocontrol policy, the central bank said since 2003, it
successfully adjusted credit policies so as to cool down the overheating real
estate, steel and iron, aluminium and cement industries.
The interest rate marketization reform has made remarkable progress, the
central bank said.
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