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	周小川：一篮子货币以美元欧元日元和韩元为主 -------------------------------------------------------------------------------- 2005年08月10日 15:05 新华网 　　自2005年7月21日起，我国开始实行以市场供求为基础、参考一篮子货币进行调节、有管理的浮动汇率制度。人民币汇率不再盯住单一美元，形成更富弹性的人民币汇率机制。 　　新华网北京8月10日电 (记者 顾钱江 黄庭钧 陈刚)中国人民银行行长周小川10日在上海阐述了人民币汇率形成新机制所参考的“一篮子货币”的组成原则，并首次透露美元、欧元、日元、韩元等是主要的篮子货币。 　　周小川说：“篮子货币的确定是以对外贸易权重为主的，目前，美国、欧元区、日本、韩国等是中国最主要的贸易伙伴，相应地，美元、欧元、日元、韩元等也自然会成为主要的篮子货币。” 　　此外，周小川还表示，由于新加坡、英国、马来西亚、俄罗斯、澳大利亚、泰国、加拿大等国与中国的贸易比重也较大，它们的货币对人民币汇率也是很重要的。 　　周小川指出，篮子货币的国家和地区覆盖了中国对外贸易总量相当大的部分，因此，针对一篮子货币的人民币汇率将比针对美元的人民币汇率更好地反映人民币的价值变化和中国面临的总体贸易条件，对实现商品和服务贸易基本平衡有重要参考意义。 　　2005年7月21日，中国宣布人民币与单一美元脱钩，开始实行以市场供求为基础、参考一篮子货币进行管理的浮动汇率制度。 　　周小川10日上午在中国人民银行上海总部挂牌仪式上，就如何确定篮子货币的问题首度向外界作出说明。不过，他并没有透露篮子货币的全部内容，以及每种货币的权重。 　　有关专家认为，中国不会公布这个货币篮子的全部组成货币和权重，以及人民币汇率管理的“目标区”——央行认为合理、均衡的汇率水平。这样做实际上是为了便于央行对汇率进行有效的调节和管理，是明智的。 　　周小川说，作为人民币汇率调节的一个参考，篮子货币的选取以及权重的确定主要是考虑中国国际收支经常项目的主要交易国家、地区及其货币。 　　“用通俗一点的话来讲，是综合考虑在我国对外贸易、外债(付息)、外商直接投资(分红)等外经贸活动占较大比重的主要国家、地区及其货币，组成一个货币篮子，并分别赋予其在篮子中相应的权重。”他说。 　　周小川具体谈到了四项原则：着重考虑商品和服务贸易的权重作为篮子货币选取及权重确定的基础；适当考虑外债来源的币种结构；适当考虑外商直接投资的因素；经常项目中一些无偿转移类项目的收支，也在权重的考虑之中。 　　人们注意到，新的人民币汇率形成机制是“参考”而不是“盯住”一篮子货币。 　　周小川强调，与单一盯住美元的汇率制度相比，参考一篮子货币调节可以更全面地反映人民币对主要货币的变化，有利于较好地应对美元不稳定所带来的影响，降低人民币多边汇率的波动，维护对外经贸环境总体稳定，从而促进国际收支基本平衡和国民经济健康发展。 　　中国社科院金融所所长李扬说：“在制度上公开宣称人民币不同任何单一货币或‘篮子货币’保持盯住关系，将使得投机资本对人民币汇率的冲击失去依凭，从而使中国货币当局在同投机资本的博弈中‘主客易位’，货币当局因此获得了主动权。”(完。

	AP China Shows Composition of Currency Basket Wednesday August 10, 2:55 am ET By Elaine Kurtenbach, AP Business Writer   China Discloses Composition of Currency Basket Used to Set Yuan's Value SHANGHAI, China (AP) -- China disclosed for the first time Wednesday the composition of the basket of currencies used to set the yuan's value, saying it mainly includes the dollar, euro, yen and Korean won. The currencies of Singapore, Britain, Malaysia, Russia, Australia, Canada and Thailand are also considered in setting the yuan's foreign exchange rate, Zhou Xiaochuan, the central bank governor, said during a speech to launch a new operations center for the People's Bank of China in Shanghai. The news dispels at least some of the mystery surrounding the yuan's new exchange rate, although there was no information about the weightings of each currency. When China cut its currency's decade-long peg to the dollar on July 21 and allowed it to move in a restricted float, it said the yuan's exchange rate would be determined by a collection of unspecified currencies. At that time, the central bank said only that it had raised the yuan's value by about 2 percent to 8.11 yuan to the dollar from the previous rate of 8.27, and that the yuan would be allowed to move 0.3 percent in either direction each day. Since then, the yuan has appreciated slightly on Shanghai's restricted foreign exchange market, opening at 8.1070 yuan to the dollar Wednesday. China's central bank also said Wednesday that it will tighten oversight of the country's foreign exchange markets while moving to liberalize its currency trading regime. The statement came a day after it announced Beijing was expanding the country's foreign-exchange forwards business and launching currency swaps. On Wednesday, the bank said it was also allowing nonbanking firms to trade in its onshore foreign exchange market and was launching foreign-exchange forwards on the domestic interbank market. While widening currency trading onshore, the bank said it would strengthen its oversight and management of the market "to guarantee stable, orderly market operations and maintain the basic stability of the yuan exchange rate at a reasonable, balanced level." The central bank said the new rules allowing broader use of foreign exchange derivatives were aimed at meeting the need to hedge foreign exchange risk following the July 21 revaluation. "The timing and conditions are ripe for expanding the forex forwards business and launching the swaps business," the People's Bank of China said in a statement. China began allowing some banks to offer yuan-foreign currency forwards to their clients beginning in 1997 as part of a pilot program. Up to now, only four major state-owned banks and three stockholding commercial banks have participated in the program, the central bank said. The new rules allow all domestic banks to seek approval for conducting forwards trading. Financial institutions given that approval will be qualified six months later to begin swaps business. The new rules also expand the range of forwards trading allowed. However, the central bank said swaps of the yuan against foreign currencies couldn't involve the exchange of interest rates, implying the transactions wouldn't leave loopholes for trading of interest rate swaps. Foreign banks also will be allowed to provide the derivative products to their clients.。

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