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Wen: Renminbi rate reform a gradual process
Updated: 2005-10-15 13:57

He said the floating band of the yuan is increasing to some extent within the past two months and China's financial market is operating smoothly.

"Generally speaking, this reforming step is successful," Wen said.

The Chinese Premier noted that the most important thing at present is to deepen the results of the exchange rate reform and to improve services in relevant fields.

That includes improving the foreign exchange market and providing more financial services to enterprises to avoiding risks,improving the adjustment mechanism of the RMB exchange rate and intensifying supervision of cross-country capital flows to ensure the smooth operation of the new exchange rate mechanism, Wen said.

"With the deepening of China's financial reform, economic development and the enforcement of the market role, the RMB exchange rate will become more flexible and serve as a more sensitive reflection of the changes of market supply and demand," Wen said.

He said China's reform of the exchange rate has to take into account both the stability of China's economic and financial growth and any possible influence to the economy of surrounding countries and world finance.

Wen said the long-term stable development of China's economic and financial development will benefit the whole world.

He said China is ready to continue to share information and exchange views with the IMF on the issues of the RMB exchange rate.

Rato is here in China for a two-day G20 meeting of financial ministers and central bank governors, which is scheduled to open in Xianghe town, some 50 kilometers (30 miles) east of the Chinese national capital.

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