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WASHINGTON, Oct. 10 (Xinhua) -- China would continue reform of the formation mechanism of its currency exchange rate to improve its flexibility, but will do so in a gradual way, Zhou Xiaochuan, Governor of the People's Bank of China, China's central bank, said here on Sunday.Westerners prefer Western medication method that is quick but drastic, while Chinese people prefer traditional Chinese medication that is slower and giving time for different herbs to take effect. A steep rise of Chinese currency yuan would cause harms, Zhou told a group of bankers and reporters during a luncheon speech at the 2010 annual membership meeting of the Institute of International Finance (IIF).Governor of the People's Bank of China (PBOC) Zhou Xiaochuan hosts a press briefing during the annual meetings of the International Monetary Fund (IMF) and the World Bank in Washington D.C., capital of the United States, Oct. 8, 2010. To manage Chinese currency issue is a "complicated art," as you have to take into consideration domestic inflation, unemployment rate, gross domestic product (GDP) growth, balance of payments and other factors, he added.IIF, which represents over 420 world leading financial institutions headquartered in more than 70 countries, host its annual membership meeting in Washington D.C. between Oct. 8 and 10, when the International Monetary Fund and World Bank host their annual meetings in the same time.
BEIJING, Oct. 15 (Xinhua) -- The value of yuan, China's currency Renminbi, strengthened for a third consecutive day against U.S. dollar Friday as the central parity rate of the yuan was set at 6.6497 per U.S. dollar, according to the data released by the China Foreign Exchange Trading System.Friday's central parity rate beat the previous record of 6.6582 on Oct. 14.The yuan has picked up its strength against the U.S. dollars and seen increased volatility in the trading days since the People's Bank of China (PBOC), the central bank, announced on June 19 this year to increase exchange rate flexibility.Based on Friday's central parity, the Chinese currency has strengthened against the U.S. dollar by about 2.65 percent from the rate of 6.8275 per U.S. dollar that was set a day before the PBOC's pledge to increase flexibility.On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate during trading each day.The PBOC released the yuan's central parity rates against a basket of currencies -- the U.S. dollar, the euro, the Japanese yen, the Hong Kong dollar, the British pound and the Malaysian Ringgit.The yuan's parity rate against the euro was set by the central bank at 9.3259 Friday, higher from 9.3491 on Oct. 14, the previous trading day.The yuan's rate against 100 yen was 8.1531 Friday, compared with 8.1611on Thursday.The yuan's rate against the British pound was 10.6305, compared with 10.6192 on the previous trading day.The central parity of RMB against the U.S. dollar is based on a weighted average of enquired prices from all market makers before the opening of the market in each business day.The central parity of RMB against the other five currencies is based on the central rate of RMB against the U.S. dollar of the same business day as well as the exchange rates of the five currencies against the U.S. dollar at 9 a.m. (0100 GMT) of the same business day in the international foreign exchange market.

SHIJIAZHUANG, Sept. 23 (Xinhua) -- Four Japanese are being investigated in China for having entered a military zone without authorization and illegally videotaped military targets in northern Hebei Province, local state security authorities said Thursday.The state security authorities in Shijiazhuang, capital of Hebei, have taken measures against the four people according to law after receiving a report about their illegal activities.The authorities only gave one name of the four Japanese nationals, Sada Takahashi."Currently, the case is being investigated," the state security authorities in Shijiazhuang said in a statement.No further details were provided.
BEIJING, Oct. 22 (Xinhua) -- Chinese Vice Premier Zhang Dejiang Friday called for greater efforts to transform China from a country with a large population into one rich in human resources."It is the 'key' to building a moderately well-off society in all respects and for modernization," said Zhang at the opening ceremony of a forum on human resource development in Beijing.He said China must uphold the principle of respecting labor, knowledge, talent and creation, and continue the strategy of building a stronger country by developing human resources.The forum was organized by the Ministry of Human Resources and Social Security as some 570 people from the government, higher-learning institutions and business attended the event.
TIANJIN, Oct. 7 (Xinhua) -- China's top climate change official Thursday called for compromise from all parties to seek the biggest common ground during the UN climate talks while developed and developing countries remained divided on many issues.Parties at the talks should rebuild mutual trust and improve sense of responsibility as climate change is a global issue affecting every country, Xie Zhenhua, vice minister of the National Development and Reform Commission, told the press on the sidelines of a new round of UN climate talks held in Tianjin from Oct. 4 to 9."The best result of the global climate talks may be a solution that dissatisfies every one but is accepted by all," he said. "To reach the result, every party needs compromise and work to find the biggest common ground. If one country refuses to do anything and ask others to do many, this is definitely not acceptable."When asked about one of the most controversial issue on how to manage the fast start fund, Xie said, as a developing country, China is fully qualified to receive funds and technical supports from developed countries."But, provided that the amount of current fast start fund is much less than what developing countries need, China would not compete with those who need the money most such as the least developing countries and island countries," he said.Jonathan Pershing, who leads the U.S. negotiators at the Tianjin meeting, said on Thursday that there should be a differentiation between offering finance for developing countries as some countries clearly have enormous capabilities, even though they are listed in the developing country list, while some countries, although in the developing country list, have virtually no capabilities.Countries like China can do a great deal, and have made very clear that they intend to do a great deal, he told reporters."It (China) has made commitment that was made on a series of actions on intensity, on renewable energy and on forests that are examples of what a really powerful country with enormous commitment can deliver," he said.Xie Zhenhua said China will also provide as much assistance to these countries as it is able to, through South-South cooperation."We are not only saying it but have also begun doing it. In the past few years, we have provided training programs to people from least developed countries and worked with them in programs to cope with climate changes," Xie said.However, Xie strongly argued that developed countries should actually add new money in the fast start fund as a majority of current identified fast start fund was in fact included in the existing Official Development Assistance (ODA).
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