MONETARY ENVIRONMENT
China pursued a prudent and neutral monetary policy in 2017, applying a full range of policy instruments to maintain basic stability in liquidity and hold interest rates at an appropriate level.
The U.S. Federal Reserve raised the benchmark interest rate three times this year, putting pressure on the yuan. While China's central bank refrained from following suit, its open market operations saw interest rates go up in response, mitigating the impact of the Fed hikes.
Policy makers will continue to adopt a prudent and neutral monetary policy in 2018, according to a tone-setting annual economic meeting concluded earlier this month.
INTERNATIONAL PACE
China has made strides in pushing the yuan to become an international currency and liberalizing its capital account, which helped attract foreign capital flows and shore up the yuan's strength.
Authorities approved a mainland-Hong Kong bond connect program in mid-May, allowing investors from both sides to trade bonds on each other's interbank markets. "Northbound" trade, which allows foreign investors to buy bonds issued on the Chinese mainland, started in July.
Following the launch of the Shanghai-Hong Kong and Shenzhen-Hong Kong stock links, which enabled foreign investors to buy A-shares with fewer restrictions than previous regimes, a similar program between Shanghai and London is also in the pipeline.
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