.contact us |.about us
News > Business News ...
Search:
    Advertisement
Central bank clarifies policy role, responsibilities
( 2003-09-30 14:15) (Agencies)

China's central bank has clarified its primary role as the country's monetary policy authority in the first explicit redefinition of its duties since its financial sector regulator function was transferred to the new China Banking Regulatory Commission earlier this year.

The monetary policy role and a detailed description of its responsibilities are spelled out in a fourteen point statement posted Tuesday on the PBOC's Web site.

The People's Bank of China specified its role in determining interest rate policy, maintaining the yuan or renminbi exchange rate at a reasonable level and formulating and enforcing monetary policy.

The PBOC will also manage the operations of the State Administration of Foreign Exchange.

The statement said the PBOC will push for development and coordination of industries including banking, securities and insurance. The central bank will also closely monitor internal links between China's money, real estate, capital and insurance markets as well as related risk-control measures, the statement said, without elaborating.

The refocus of the central bank's responsibilities will add the functions of combating money laundering and management of the country's social credit system, the statement said, without providing additional details.

 
Close  
   
  Today's Top News   Top Business News
   
+The next great leap after Shenzhou V
( 2003-10-21)
+Hu calls for balanced development
( 2003-10-21)
+Report: SARS not airborne virus
( 2003-10-21)
+Japan urged to resolve weapons issue
( 2003-10-21)
+Int'l AIDS group opens Beijing office
( 2003-10-21)
+Home-appliance giants want wheels
( 2003-10-21)
+Exchange-rate reform under study
( 2003-10-21)
+Health insurance sector called for
( 2003-10-21)
+SanDisk teams up to open outlets
( 2003-10-21)
+Housing prices start to sag in Shanghai
( 2003-10-21)
   
  Go to Another Section  
     
 
 
     
  Article Tools  
     
 
 
     
  Related Articles  
     
 

+Central bank vows to keep interest rates stable
2003-09-18

+Central bank keeps rates stable
2003-09-18

+Chinese banks not ready for major currency changes
2003-09-18

+Growth of bank loans scrutinized
2003-09-17

 
     
   
        .contact us |.about us
  Copyright By chinadaily.com.cn. All rights reserved