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China to continue diversifying forex investments (08/04/2011)

Updated: 2011/8/4 10:23:00

BEIJING - China will continue to diversify its foreign currency investments and strengthen risk management to minimize the impact of the global financial market´s fluctuations on China, according to a statement on the website of the People´s Bank of China.

China welcomes the US progress in dealing with its debt problem, the central bank´s governor Zhou Xiaochuan said in the statement.

The US House of Representatives on Monday approved legislation to raise the US debt limit by at least 2.1 trillion US dollars and cut federal spending by 24 trillion US dollars, one day before a threatened default.

"We will pay close attention to how the legislation will be implemented in various stages," Zhou said.

He pledged efforts to maintain rapid and steady economic growth and safeguard the country´s economic and financial stability.

Big fluctuation and uncertainty in the US treasury bond market will affect the stability of international monetary and financial systems, which will hurt global economic recovery, the statement said.

China hopes the United States can take responsible measures to properly tackle with its debt issues, Zhou said.

Source: Xinhua

Authority in Charge: China National Textile and Apparel Council (CNTAC)

Sponsor :China Textile Information Center (CTIC)

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