GF 323
CONFIDENTIAL
11
機密
20.
Due to the lack of adequate financial instruments and markets, PBOC operating alone is not able to exercise
effective control
of macroeconomic
over
the
level
activity. Some enhancements to the banking system have
nevertheless been made over the past decade or so:
notes
The
In 1981, banks started to offer discount
facilities on bills of exchange and promissory
originating from commercial transactions.
regulations were officially
promulgated in 1984. By end-1990, the cumulative
value of bills and notes discounted amounted to
Rmb 50.7 billion.
relevant
1
In 1984, a
under which
required to
with PBOC.
the lending
by changing
banking reserve system was set up,
the state specialised banks were place a proportion of their deposits In theory, PBOC could thus influence behaviours of the specialised banks
the reserve ratio. But in practice,
this device was barely deployed.
short-term
In 1984, a few cities were allowed to establish
money markets. Today most provinces
have such markets. In 1990, the total turnover
amounted to Rmb 260 billion.
In 1986, PBOC began to render rediscounting of
documents. By end-1991, the outstanding value of rediscounting
transactions
amounted
to
Rmb 4.2 billion.
21.
The government has also strived to increase
competition within the banking system, though only in a limited way.
Notable examples include:
In 1985, the specialised banks were allowed to
conduct businesses outside their traditional
areas.
CONFIDENTIAL
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