People's Bank of China governor Zhou Xiaochuan12 in Washington, DC, to attend IMF policy-making body the International Monetary and Financial Committee of the 17th Ministerial Conference that from the present situation, the loan-to-crisis on the United States, the negative impact of China's economy more than originally expected to be small, China's loss of some financial institutions are completely digestible in the area.
The loan-to-time in the crisis, China has some financial institutions because of financial products and related losses. For example, last year, the Industrial and Commercial Bank and the Bank of China on a total of the loan-to-pay for a total of 1.695 billion U.S. dollars. But Zhou Xiaochuan said that these losses are limited and digestible range. Through reform of the financial system, strengthening the relevant regulatory measures, China's financial enterprises than the Asian financial crisis, more health, the smaller the loss will not affect their profitability and stock price.
Zhou Xiaochuan pointed out that the first quarter of 2008 data show that China from the United States, the European rapid growth of imports and exports remained stable. So far, the loan-to-crisis on the Sino-US trade has yet to have a significant impact. But Zhou Xiaochuan also warned that China's economy faces uncertainty in the increase, this increase in the policy-making more difficult.
The global economic situation, Zhou Xiaochuan said that the United States, loan-to-crisis triggered by volatile financial markets, oil and major long-term high prices of raw materials led to increased inflationary pressures, the rise of trade protectionism of the developed countries and other areas of proliferation, the world economic outlook should not be Optimistic.
Zhou Xiaochuan pointed out that the exchange rate to adjust the imbalance between limited role, its role is not overstating the reality, the process of adjustment will be misleading. "At present, disorderly adjustment of global imbalances the pressure has eased, the International Monetary Fund's top priority is to focus on the financial crisis." Zhou Xiaochuan said.
Source: 北京商报 Apr. 14, 2008
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