Financial policy changes to back outbound investment

时间：2007-09-10 08:41:41

（单词翻译:单击）

XIAMEN, Sept. 9 - China will unveil financial policy changes to support overseas investment of domestic companies, Zhou Xiaochuan, governor of the People's Bank of China (PBoC), said Saturday.

 

The central bank will scrap1 unnecessary controls on foreign exchange reserves to fund local firms' outbound investment, Zhou told a forum2 at the 11th China International Investment and Trade Fair in Xiamen, a coastal3 city in southeastern Fujian Province.

 

"We will remove unnecessary restrictions4 on reviewing sources of foreign exchange funds, as well as on foreign currency purchase and profit remittance," he said.

 

"We will also allow domestic firms to use their own foreign exchanges or buy foreign funds with local currency yuan to invest abroad."

 

The governor noted5 the central bank will explore ways to buy shares in foreign banks so as to provide more convenient financial services for the overseas operations of domestic businesses.

 

"We encourage them to raise capital through various means including bank loans, stock listings and bond sales," he said, adding their domestic operations can provide warrants for the fundraising once they get official go-ahead.

 

Zhou acknowledged that the PBoC has long been taking vigorous efforts to cultivate and develop the foreign currency markets during the past few years.

 

He added: "We will crank up efforts to develop more products on the foreign currency markets to help companies evade7 risks brought about by the changes in market exchange rates and interest rates."

 

"The central bank will also strengthen research on business and legal environments in global regions where it enjoys bilateral8 tech cooperation agreements or funds with the regional bank institutions."

 

China sees negative interest rates as the consumer inflation climbs mainly due to food price hikes, prompting more people to transfer their bank deposits to the red-hot stock markets for higher earnings9.

 

China's one-year benchmark deposit rate reached 3.60 percent after a 0.27 percentage points rise starting from Aug. 22, the fourth rise this year.

 

But the consumer price index, the main gauge10 of inflation, may exceed the ten-year high of 5.6 percent in July, said Bi Jingquan, vice6 head of the National Development and Reform Commission.

 
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1 scrap JDFzf     
n.碎片；废料；v.废弃，报废
参考例句：
  • A man comes round regularly collecting scrap.有个男人定时来收废品。
  • Sell that car for scrap.把那辆汽车当残品卖了吧。
2 forum cilx0     
n.论坛，讨论会
参考例句：
  • They're holding a forum on new ways of teaching history.他们正在举行历史教学讨论会。
  • The organisation would provide a forum where problems could be discussed.这个组织将提供一个可以讨论问题的平台。
3 coastal WWiyh     
adj.海岸的，沿海的，沿岸的
参考例句：
  • The ocean waves are slowly eating away the coastal rocks.大海的波浪慢慢地侵蚀着岸边的岩石。
  • This country will fortify the coastal areas.该国将加强沿海地区的防御。
4 restrictions 81e12dac658cfd4c590486dd6f7523cf     
约束( restriction的名词复数 )； 管制； 制约因素； 带限制性的条件（或规则）
参考例句：
  • I found the restrictions irksome. 我对那些限制感到很烦。
  • a snaggle of restrictions 杂乱无章的种种限制
5 noted 5n4zXc     
adj.著名的，知名的
参考例句：
  • The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
  • Jim is noted for arriving late for work.吉姆上班迟到出了名。
6 vice NU0zQ     
n.坏事；恶习；[pl.]台钳，老虎钳；adj.副的
参考例句：
  • He guarded himself against vice.他避免染上坏习惯。
  • They are sunk in the depth of vice.他们堕入了罪恶的深渊。
7 evade evade     
vt.逃避，回避；避开，躲避
参考例句：
  • He tried to evade the embarrassing question.他企图回避这令人难堪的问题。
  • You are in charge of the job.How could you evade the issue?你是负责人，你怎么能对这个问题不置可否？
8 bilateral dQGyW     
adj.双方的，两边的，两侧的
参考例句：
  • They have been negotiating a bilateral trade deal.他们一直在商谈一项双边贸易协定。
  • There was a wide gap between the views of the two statesmen on the bilateral cooperation.对双方合作的问题，两位政治家各自所持的看法差距甚大。
9 earnings rrWxJ     
n.工资收人；利润，利益，所得
参考例句：
  • That old man lives on the earnings of his daughter.那个老人靠他女儿的收入维持生活。
  • Last year there was a 20% decrease in his earnings.去年他的收入减少了20%。
10 gauge 2gMxz     
v.精确计量；估计；n.标准度量；计量器
参考例句：
  • Can you gauge what her reaction is likely to be?你能揣测她的反应可能是什么吗？
  • It's difficult to gauge one's character.要判断一个人的品格是很困难的。

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