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China is ready to
intensify measures to open up its financial market, a high-level government
meeting pledged on Wednesday.
The promise followed
the inclusion of the renminbi in the International Monetary Fund's basket of
currencies with special drawing rights.
China will promote
greater use of the renminbi in cross-border transactions and better
convertibility of the capital account, it was decided at an executive meeting
of the State Council presided over by Premier Li Keqiang.
The meeting also
decided to ease cross-border lending in pilot free trade zones in China.
A statement issued after
the meeting said that amid efforts to push forward financial reforms in a
risk-controlled environment, more trials will be introduced elsewhere.
In Taizhou, Zhejiang
province, where small and medium-sized enterprises are better developed, direct
financing of SMEs from both onshore and offshore will be encouraged by the
government through specialized financial institutions.
In Jilin province, a
major grain base, reforms will be conducted on rural finance.
The statement said the
Chinese government welcomes the IMF's decision on the renminbi, which shows
that China's reform and opening-up has been recognized by the international
community.
The decision will
"further push the internationalization of the renminbi", it said,
stressing that the government will continue with prudent macroeconomic
management.
The IMF decided on
Monday to include the renminbi in its reserve currencies basket with the
third-highest weighting after the US dollar and the euro.
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