BEIJING——China will further open its financial sector in “an active and safe” way, the country’s central bank vowed on Friday.
“China will gradually broaden the chance for the participation of foreign capital in the domestic financial market,” said the People’s Bank of China in a report.“We will strengthen the connections between China’s financial market and international ones by attracting more foreign capital in Renminbi-denominated financial products,” the report said.
Meanwhile, channels will also be expanded to allow Chinese investment in foreign financial markets.
The bank said it would ease restrictions on enterprises and individuals possessing and using foreign currencies and increase the number of qualified foreign institutional investors and the value of their investment quotas(份额). “We will make use of the financial market to achieve balanced international payments,” said the bank.
Last year, the State Administration of Foreign Exchange (SAFE) raised the annual quota for individuals buying foreign currency from US $ 20,000 to US $ 50,000.
“China will work hard for a more efficient and vigorous financial market that can better serve international needs,” the bank said.
The country will adjust its financial market rules so they are accepted around the world, encourage reforms and promote more flexible, diversified ways of trading, according to the bank.
China fully opened its financial market to foreign capital on December 11 last year, ending a five-year transitional (过渡的) period after entering WTO.
1. The passage is_______________
A. a piece of news B. an advertisement
C. a poster D. an explanation
2. China is working hard to_____________
A. reduce the interest rate of foreign currencies
B. increase the interest rate of foreign currencies
C. bring in more foreign investment by promising to further open its financial sector
D. adjust its financial markets to resist the invasion of foreign investment
3. To further open financial sector, China has taken many measures EXCEPT
A. Giving more chances to the participation of foreign capital
B. Stren
gthening the connections between China and other countries by the leaders’ paying visits to each other’s countries
C. Broadening the quotas of enterprises and individuals possessing and using foreign currencies
D. Opening its domestic financial market step by step
4. We can draw a conclusion that___________
A. China’s financial market will be conquered by foreign one
B. China will create a more active and various way of trading and its market will become stronger
C. China will end the transitional period of opening financial sector in five years
D. China will be blind to the foreign investment