China will improve foreign exchange administration and maintain a strong position in balance of payments and exchange rate stability, said China's Central Bank Governor Dai Xianglong Tuesday.
Dai, governor of the People's Bank of China, said at a press conference hosted by the State Council Information Office that China will give priority to continuing the market-based, managed floating exchange rate system.
The exchange rate formation mechanism will be improved while a stable exchange rate maintained, Dai said, noting that better management of current account will be accompanied by progress in capital account convertibility.
"We will promote international cooperation by working toward the completion of the currency swap arrangement with Japan, the Republic of Korea and ASEAN (the Association of South-East Asian Nations) countries aimed at financial stability in the region," he said.
(People's Daily January 15, 2002)
