Press briefing on foreign trade

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Speaker:
Zhang Ji, director-general of the Department of Foreign Trade, Ministry of Commerce

Chairperson:
Hu Kaihong, vice director-general of the Press Bureau, State Council Information Office

Date:
May 20, 2014

Reuters:

The documents mention the RMB exchange rate, saying that it will maintain two-way flexibility and that the RMB exchange rate will basically remain stable at an appropriate and balanced level. What will it do to boost the stable increase in foreign trade?

Zhang Ji:

Regarding the RMB exchange rate, there are authorized and clear statements in the document text. In addition, there is another statement about "pushing forward the cross-border RMB trade settlement." They are all related to your question.

The change in the RMB exchange rate will speak for itself when it comes to how it will impact the trade. But its influence on different types of enterprises will be different. Take export or import enterprises for example. Now RMB exchange rate has gone from one-side appreciation to two-way fluctuation, the enterprises are gradually adapting to the rate change. Of course we'd like to note that for foreign trade companies, you have to pay close attention to exchange rate risks, and in particular you have to make full use of tools and products developed by financial institutions to avoid risks. At the same time, we are strongly promoting cross-border RMB trade settlements, and appealing to those locations and areas which meet the conditions to enlarge the scale of RMB trade settlements, which would lower the risks and losses as much as possible for enterprises due to the RMB exchange rate.

Hu Kaihong:

Today's conference ends here. Thank you.

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