PBOC Governor Pledges Commitment to Reforms

Senior officials in China unleased a slew of statements on Tuesday pointing to sweeping reforms in the financial sector, as the country seeks to bolster investor confidence in its markets.
In a lengthy piece published on Caixin’s website, People’s Bank of China (PBOC) governor Zhou Xiaochuan pledged his commitment to relaxing restrictions on China’s capital markets and promised better signaling of the central bank’s intentions, although he didn’t specify whether he would hold post-monetary policy meeting conferences as other central bank do.

The widespread reforms being undertaken would help the Chinese yuan become an international currency by 2020, the PBOC governor added.
Also Tuesday China’s President Xi Jinping told a meeting with senior officials that the government should work to boost the nation’s growth momentum.

China should accelerate reforms in state-owned enterprises, fiscal and financial areas that can help lift economic growth, said Mr. Xi in the meeting, according to state-run Xinhua News Agency.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza