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32
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a
more powerful
52.
In order to establish a clear authority over the
supervision of stock
it exchanges,
current State Council Securities merge with the China Securities Regulatory Commission to
form
is proposed that the Policy Committee should
Committee.
This new
State
committee,
Securities
Management
with a network of local
offices, will possess greater power particularly in curbing insider trading and market manipulation.
(iii) The foreign exchange system
53.
Reportedly, SAEC is going to be brought back into PBOC, probably within a year. The intention is to bring the implementation of overall monetary policy,
policy, exchange
rate policy and foreign exchange management under one roof.
54.
а view
markets
system,
foreign
A project is in progress with SAEC linking up all the swap centres throughout the country by early 1994, with to improving the operational efficiency of the swap and unifying the swap market rates. Under the new
exchange can be transferred between centres, and this flexibility will contribute greatly to exchange rate uniformity and market integration. Also, the
retention
foreign exchange
will quotas gradually changed into a system of actual foreign exchange holdings. In future, the state-owned banks specialised in foreign exchange dealings will assume a more active role in intervening in the swap markets where necessary, so as to stabilise the exchange rate of the
influence
for system
or
to
be
Renminbi.
55.
target
As to full
date is
very
convertibility tentatively
set at
of the Renminbi, the 1998 (16)
The
(16)
A senior Chinese official has indicated that it will probably take about five years for China to adjust in that direction, in the interest of strengthening its case for re-entry into GATT.
CONFIDENTIAL
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