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央行行长周小川：汇率调整将沿用中国改革定律

2005年09月30日10:27 【字号 大 中 小】【留言】【论坛】【打印】【关闭】

　　“中国改革的逻辑是‘摸着石头过河，走一步看一步’。我们的方向是清楚的，（我们）是要过河的，不会走着走着就随便乱走了。”——中国人民银行行长周小川

　　国际先驱导报驻华盛顿记者王振华报道

　　中国人民银行23日决定适当调整人民币汇价管理幅度。这是中国自7月21日启动汇率改革后，首次放宽人民币汇价交易幅度，不仅扩大即期外汇市场非美元货币对人民币交易价的浮动幅度，而且对银行挂牌汇价做出重大改革。

　　24日，中国人民银行行长周小川代表中国政府出席在华盛顿召开的国际货币与金融委员会秋季部长级会议。会议期间，周小川行长就人民币汇率问题的表态引起国际舆论的普遍关注。

　　26日是我国银行间外汇市场港元、日元、欧元对人民币交易价浮动范围由1.5％调整为3％的首日。与此同时，中国银行等外汇指定银行也开始按照新规定确定外汇牌价。同日，《国际先驱导报》记者在华盛顿采访了中国人民银行行长周小川。

　　新举措并非大变化

　　《国际先驱导报》问：关于人民币汇率问题，国际上对这次汇率改革也是欢迎的，美国财政部长斯诺在国际货币与金融委员会上发言时还专门就此对您表示了感谢。

　　周小川答：他们两方面话都讲了。一方面对我们的汇率改革表示赞赏。另一方面，我们的汇率改革是以渐进方式进行的，他们希望我们进一步继续朝这一方向走，动作更快一点，会议期间几次他们都说到了这个意思。

　　问：自7月份以来，包括这次扩大人民币弹性幅度的改革在内，人民币进行了一连串的改革。对此，美国与其他国家的反应有什么不一样？

　　答：此次参加会议的都是金融方面的专家。比如格林斯潘，他一眼就看明白了，这次的改革是关于对外汇市场和商业银行与客户之间关系的调整问题，不是涉及汇率政策的大变化。他们都明白。

　　当然，也有个别“Ｇ7加5”以外国家的人士问到这样的问题（指“是否涉及人民币汇率政策大的变化的问题”——编者注），也有一些记者对此发问。但其实，各国央行行长们都知道，这些举措都是外汇市场和商业银行对客户之间的交易的需要。

　　美国不问时间表了

　　问：美国在公开场合多次对中国货币政策的改革表示赞赏，私底下有没有说，希望有一个改革的时间表？或者说，他们预期的汇率应该是什么样的？

　　答：这个方面的问题这次会议他们没有说到。以前他们提过，先是要求人民币改革，然后要求人民币在资本项目下可兑换，并要求给出时间表。

　　我们反复和他们说，中国改革的逻辑是“摸着石头过河，走一步看一步”。也不要以为我们没有方向，其实我们的方向是清楚的。这早就在很多改革的文件中全讲清楚了。

　　所谓“摸着石头过河，走一步看一步”，就是要经常接受反馈。不时看看，看看前一步是不是达到了预期的效果，有没有什么意外的情况，市场反馈怎么样，市场接受情况怎么样。然后我们再决定下一步怎么走。

　　方向是清楚的，我们是要过河的，不会走着走着就随便乱走了。在这方面我们反复强调过多次，所以现在他们已经不怎么问时间表是怎么样的了。

　　不可能对各国贸易都平衡

　　问；你怎么认识美国人对人民币汇率问题的看法？

　　答；美国实际上有不同的人。就我看，多数人认为中国的这个改革是积极的，是进步的，对此是满意的。但也有个别人心目中的目标是不一样的，但他们有时用的道理是错误的，比如人民币汇率调整要将中美的贸易拉平衡。

　　但我们说不应该这样。中美之间，或者说任何国家不可能与别国的贸易都是平衡的。要求中国对日本也平衡、对韩国也平衡，对俄罗斯也正好平衡，这不可能。世界贸易从来不是这个样子。所以中国考虑对全球贸易平衡问题，希望减少顺差和努力实现全球贸易基本平衡。我们的政策是朝着这个方向去走的。

　　问；那您的意思是说，有很多问题是美国应该自己考虑如何解决？

　　答：美国的经常项目赤字比较大，不是跟中国解决了贸易平衡问题就能解决得了的问题。有部分美国人看不到这一点，总是觉得中国所做的远远不够。因为他们的说法不是从经济学的角度，而是从政治角度或者从别的角度来说的。多数情况下，从我们央行行长们来说，应该说经济学水平还是很高的，是不会提一些从经济原理方面看经常出错的问题的。

　　问：美国国会一些人提出对中国贸易制裁的议案，想迫使中国采取措施减少美国的贸易逆差。对此你有何看法？

　　答：这就是部分美国人分析问题、看问题的出发点不正确的反映。这种议案能否通过，或者说在将来的讨论中会有什么进展还很难说。

　　美国一直倡导市场经济、自由贸易，但此类议案与市场经济和自由贸易是明晰相矛盾的。因此这些人应该考虑，如果贸易摩擦可以利用本国的某些借口就设置高关税的话，世贸组织就没办法起作用了，很多原则就被破坏了。（国际先驱导报）

（责任编辑：庄红韬）
相关专题
· 人民币汇率制度改革： 以我为主 自主决定

TEXT-Chinese central bank statement on yuan's non-dollar bands

Sunday September 25, 5:48 PM
TEXT-Chinese central bank statement on yuan's non-dollar bands
BEIJING, Sept 25 (Reuters) - Following is the full text of the central bank's statement issued alongside new rules that widened the yuan's trading band against non-dollar currencies.
The statement was published on the central bank's Web site (www.pbc.gov.cn) on Friday.

For the rules themselves, double click on [nPEK30861].

In line with the implementation of the exchange rate policies since the reform of the RMB exchange rate regime, and in order to further develop the foreign exchange market, improve the RMB exchange rate formation mechanism and foster enhancement of the foreign-exchange designated banks' capability in pricing and risk management, the People's Bank of China issues the Circular on Further Improving the Management of the Trading Prices in the Inter-bank Foreign Exchange Market and the Quoted Exchange Rates of the Foreign Exchange-Designated Banks (herein after referred to as the Circular).

The Circular is a supplement to the Notice of the People's Bank of China on the Management of the Trading Prices in the Inter-bank Foreign Exchange Market and the Quoted Exchange Rates of the Foreign Exchange-Designated Banks, within the framework of the Public Announcement on the Reform of the RMB Exchange Rate Regime published by the People's Bank of China on July 21, 2005. According to the Circular, band of RMB exchange rate against non-US dollar currencies in the spot foreign exchange market was widened from the previous level of no more than 1.5 percent to no more than 3 percent around the central parity. Management of US dollar exchange rates quoted by foreign exchange-designated banks to their customers has also been modified, with the spread between the selling rate and buying rate widened and the previous symmetric management of quoted exchange rates based on floatation of no more than 0.2 percent around the central price shifted to an asymmetric management mode limiting the spread between the selling and buying prices to no more than 1 percent of the central price, so long as the central price is within this 1 percent interval. Management of foreign exchange cash trading prices was also adjusted, with the limit on the spread between the selling price and buying price expanded from no more than 1 percent to 4 percent of the central price. Banks are allowed to make adjustment of the quoted US dollar price to customers at their own discretion within the specified limit on spread. That means the banks could quote different US dollar prices rather than only one price to their customers within a business day. The Circular also abolished limits on the spread between the selling and buying prices of non-US dollar currencies quoted by banks to their customers. By that, banks will have the discretion to decide the prices of non-US dollar currencies against the RMB and negotiate with customers on the quoted prices of these currencies.

On July 21, 2005, the People's Bank of China modified its management of the trading prices in the inter-bank foreign exchange market and the quoted exchange rates of the foreign exchange designated banks. Such an action has ensured the steady progress of the reform of the RMB exchange rate regime and strengthened autonomy of the foreign exchange designated banks in setting foreign exchange prices. Measures mapped out in this Circular will serve to further increase the banks' capability in setting prices and effectively controlling price risks, foster fair and orderly competition among the banks and improve financial services to the customers, promote effective adjustment of the RMB exchange rate based on market supply and demand with reference to a basket of currencies, and strengthen the fundamental role of market in price finding and risk aversion. Appropriate enlargement of the spread between the selling and buying prices of the US dollar quoted by the banks to their customers may also increase the transaction cost of the speculators, thus help maintain the basic stability of the RMB exchange rate.

The adjustment of the exchange rate management policy does not change the daily band of the RMB against the US dollar in the inter-bank market, which is still limited to no more than 0.3 percent of the central parity published by the People's Bank of China. The People's Bank of China and the State Administration of Foreign Exchange will continue to improve the RMB exchange rate regime in a proactive, controllable and gradual way, so as to enhance the exchange rate system and keep the RMB exchange rate basically stable at an adaptive and equilibrium level."