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China's currency, the yuan, is convertible for trade purposes under the current account, while the capital account, which covers portfolio investment and borrowing, is still largely controlled by the state due to concerns over abrupt capital flows in and out of the country.
China's financial supervision needs to keep pace with new changes and phenomena in the sector, and supervision rules must be updated in a timely manner, Guo said.
China's commercial banks made combined net profits of 522.2 billion yuan (.2 billion) in the first three months, up 5.86 percent year-on-year, data from the China Banking and Insurance Regulatory Commission showed.
China's monetary policy should remain independent, along with a flexible renminbi exchange rate. [Photo/VCG]
China's holding of US Treasuries climbed to a 11-month high of .17 trillion in July, marking the sixth consecutive month of growth, along with the expansion of the foreign exchange reserve and a strengthened renminbi.
来源：资阳报