Zhou Xiaochuan, governor of the People's Bank of China (PBC), answers questions at a press conference on financial reform and development for the fifth session of the 12th NPC in Beijing, capital of China, March 10, 2017. (Xinhua/Li Xin)
China's central bank governor Zhou Xiaochuan on Friday defended the country's policy guidance for overseas investment, saying the move is necessary to rein in the irrational tendency in some sectors.
At a press conference on the sidelines of the annual parliamentary session, Zhou said the country is seeing overheated and hasty outbound investment in industries such as sports and entertainment, which does little good to China's economy and is not welcomed abroad either.
While promising efforts to contain the trend, Zhou reiterated the government stance of supporting and encouraging businesses to deepen mutually beneficial cooperation between China and other countries.
Outbound direct investment (ODI) has grown quickly in recent years, with non-financial ODI soaring 44.1 percent to 170 billion U.S. dollars in 2016, official data showed.
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China to take steady steps in opening bond market: central bank
China will further open its bond market to foreign investors in a step-by-step manner along with the internationalization of RMB, central bank officials said here Friday.
China's bond market has always been open to foreign investors, and the progress made in the internalization of RMB last year has particularly boosted foreign investors' interest, central bank governor Zhou Xiaochuan told a press conference on the sidelines of the ongoing annual legislative session
No need to over-interpret each open market operation: central bank governor
China is implementing a "prudent and neutral" monetary policy, and there is no need to over-interpret each open market operation and price changes in those operations, the country's central bank governor said Friday.
"We use the monetary policy tools we possess to guide market prices and expectations," Zhou Xiaochuan, governor of the People's Bank of China (PBOC), said at a press conference on the sidelines of the annual parliamentary session.
Chinese yuan to be stable in 2017: central bank governor
Chinese currency, the yuan, will "automatically" stabilize this year amid a firming economy and global confidence in the country's growth prospects, central bank governor Zhou Xiaochuan said Friday.
"There will not be big changes in central bank policies in 2017, and we will have more detailed work on policy implementation and supervision," Zhou said at a press conference on the sidelines of the annual parliamentary session.
China's overall leverage level 'not very high': central bank
China's overall leverage level is "not very high", central bank officials said here Friday, while voicing concerns over excessive corporate debt level.
Leverage ratio of non-financial corporations is relatively high by global standard, Yi Gang, deputy governor of the People's Bank of China (PBOC), told a press conference on the sidelines of the annual legislative session.
China's forex reserve decline normal: central bank governor
The dropping trend in China's foreign exchange reserve is a normal phenomenon, the country's central bank chief said Friday.
"China does not want that much forex reserve," Zhou Xiaochuan, governor of the People's Bank of China (PBOC), said at a press conference on the sidelines of the annual parliamentary session.
