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China's forex reserves weather impact of financial crisis

2010-03-09 15:51 BJT

Special Report: 2010 NPC & CPPCC Sessions |

Forex authorities will work to optimize trade and investment, while strengthening control of risk arising from inflows of hot money. Deputy Governor of the Central Bank and also head of the Foreign Exchange regulator, Yi Gang, also clarified China's position on forex management and reserves.

Yi Gang said foreign exchange authorities will make it easier for companies to trade, by further simplifying procedures. Meanwhile, it will also keep a close eye on capital inflows to ensure financial security.

Yi Gang said China had managed to keep most of its investments of forex reserves intact, despite the global financial crisis.

Yi Gang, deputy governor of People's Bank of China, said, "China's foreign exchange reserves have weathered the impact of the international financial crisis and maintained overall value of assets. In 2008 and 2009 when the crisis was at its worst, China's foreign exchange reserves not only kept their original capital base, but also yielded relatively good returns."

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