IMF, PBRC meet on exchange rate reform

cctv.com 03-17-2005 10:36

The governor of People's Bank of China, Zhou Xiaochuan, has met with IMF managing director Rodrigo Rato in Shanghai. They discussed issues relating to global economic development and China's financial reforms.

They both expressed the opinion that China should implement a more independent monetary policy. Rato said it is in the interests of the Chinese people and to the advantage of the Chinese economy, to move towards a more flexible exchange rate system. He also said the changes from inflexible to flexible rates should be done in times of economic strength. Zhou Xiaochuan said China should adopt a flexible rate with certain controls in order to maintain the stability of the economy during the transition period.

Editor:Chen Zhuo  Source:CCTV.com