Central Bank Governor: free floating Renminbi exchange rate is not entirely | | Zhou xiaochuan of RMB exchange rate _ news

Original title: Central Bank Governor Zhou xiaochuan said the Yuan exchange rate is not a completely free floating

2016 by Zhou xiaochuan, Governor of the China Development Forum said that China implements a managed floating exchange rate regime, not completely freely floating exchange rates.

He said, the difference between the two is three points clear: relates to combating money-laundering and the financing of terrorism, that we need control; to prevent macro-prudential′s problems, such as excessive borrowing and excessive currency mismatch advocate encourages and supports the medium-and long-term investment, for very short-term, speculative capital flows is to be managed.

Turning to the foreign exchange reserves, Zhou xiaochuan, said last year there was a time in January this year, more market talk of an economic slowdown in China, resulting in lack of confidence in some, while there have been fluctuations in the financial markets, market confidence very obviously some damage, given the circumstances, capital outflows are more. On the reform and development of China′s economy as a whole and to determine and judge on China′s exchange rate after the return to reason, will return to normal, it now appears that this data is clearly slowing.

How China′s highly leveraged corporate sector or the corporate sector? He said, first of all, China′s national savings rate, saving more money, through Bank and bond debt financing will be higher, so the Chinese Enterprise debt rate will be higher than some other countries. Second, the Chinese equity market relatively late, the stock market only began to emerge in the early 90, shorter development time, so the low proportion of total financing of capital markets and private equity financing is relatively weak. Third, since China′s reform and opening development faster, but always civil, private wealth accumulation is still relatively small, so private wealth into equity opportunities are also relatively small.

"These factors combined led to lending rates higher, prone to some macro-risks, and one of the most important solution is to accelerate the development of the capital market. "He said, through capital markets can make a greater share in national savings funds for equity financing, reducing the proportion of debt to GDP, and reduce the ratio of debt to equity. (Reporter Wang Guan)

Responsible editor: Xiang Changming SN123

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RMB exchange rate, Zhou xiaochuan
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央行行长:人民币汇率不是完全自由浮动|人民币汇率|周小川_新闻资讯

　　原标题：央行行长周小川表示人民币汇率不是完全自由浮动

　　中国人民银行行长周小川在2016中国发展高层论坛上表示，中国实行的是有管理的浮动汇率制度，不是完全自由浮动汇率。

　　周小川说，二者的区别有三点是比较清楚的：涉及反洗钱和反恐融资，这方面是要管住的；要防止出现宏观审慎方面的一些问题，比如企业过度地借外债和过度地货币错配；主张鼓励和支持中长期投资活动，对于超短期、投机性的资本流动是要管理的。

　　谈及外汇储备，周小川说，去年有一段时间到今年1月份，市场对中国经济放缓的议论较多，导致信心有些不足，同时中国金融市场也出现了波动，市场信心非常明显的受到一些损害，在这样的情况下，资金流出也就多一些。对中国整体经济和改革发展的判断，以及对中国汇率水平的判断回归理性后，就会恢复正常，现在看来，这个数据非常明显的有所减缓。

　　如何看待中国企业部门或者公司部门的高杠杆率？周小川说，第一，中国的国民储蓄率高，储蓄的钱多，通过银行和买债券渠道的债务融资就会高一些，所以中国企业债务率会高于其他一些国家。第二，中国的股本市场发育比较晚，股票市场在上世纪90年代初才开始出现，市场发展的时间还短，所以资本市场总融资比例比较低，民间的股本融资也相对薄弱。第三，中国改革开放以来发展比较快，但总的民间积累、民间财富还比较少，所以民间财富变为股本的机会也相对比较少。

　　“这些因素加在一起导致借贷比例较高，容易产生一些宏观上的风险，而其中一个重要解决方法就是加快发展资本市场。”周小川说，通过资本市场能够使国民储蓄中更大比例资金进行股本融资，降低债务占GDP的比重，也降低债务股本的比例。（记者 王观）

责任编辑：向昌明 SN123

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人民币汇率 周小川
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