Recruiting in China

Chinanews, Beijing, Oct. 17 - Yi Gang, Assistant Governor of the People's Bank of China (PBC), said recently that with one year¡¯s operation, that China's floating exchange rate regime, which is based on market demand, has been proved successful. In 2006, China's export competitiveness is still very strong. China's GDP and consumption are still increasing.

He made the remarks when delivering a speech at the School of Economic Management in Beijing University of Technology. In his speech, Yi says that overall, the Renminbi exchange rate regime will remain stable at a reasonable, balanced level, and its value will rise slowly in response to the Renminbi appreciation pressure.

Since July 2005, the Renminbi value has raised by 4.7% in total. Some people once worried that Renminbi appreciation would affect China's export competitiveness. However, the real situation has proved that such worries are unnecessary, since the trade surplus for the first nine months of this year has exceeded the total trade surplus for the whole of last year. This shows that China's export competitiveness is still very strong, Yi claims.