1. The central bank set up its Shanghai headquarters.
On August 10, 2005, the Shanghai headquarters of the People's Bank of China was formally established in Shanghai. Shanghai Headquarters is mainly established on the basis of the existing Shanghai Branch of the People's Bank of China. As a part of the head office of the People's Bank of China, it works under the leadership and authorization of the head office. Xiang Junbo, deputy governor of the central bank, is also the director of Shanghai headquarters, while Madelen, assistant to the president, and Hu Pingxi, president of Shanghai Branch, are also the deputy directors of Shanghai headquarters.
The Shanghai headquarters of the People's Bank of China is mainly responsible for some operational business of the central bank, which will make it easier for the central bank to obtain the front-line information of the financial market, so as to conduct business operations and dynamic fine-tuning in a timely and effective manner and improve the efficiency of financial macro-control. In addition, authorized by the Head Office, Shanghai Head Office also undertakes the management of China Foreign Exchange Trading Center (National Interbank Funding Center) and other units directly under the Head Office in Shanghai, as well as the coordinated management of Shanghai Gold Exchange, China UnionPay and other related institutions.
The functional orientation of Shanghai headquarters is "the operating platform of the head office's monetary policy, the monitoring and management platform of financial markets and an important window for foreign exchange". The establishment of the Shanghai headquarters of the central bank will help to further improve the decision-making and operation system of the central bank and improve its macro-control level; It is conducive to giving play to the advantages of being close to the financial market and improving the efficiency of the central bank's macro-control and financial services, especially financial market services; It is conducive to expanding the influence of Shanghai's financial market and accelerating the construction of Shanghai's international financial center.
2. RMB exchange rate reform has taken new steps.
On July 22, 2005, China began to implement a managed floating exchange rate system based on market supply and demand with reference to a basket of currencies. The RMB is no longer pegged to a single dollar, but refers to a "basket of currencies" and fluctuates according to the market supply and demand relationship; The initial exchange rate of RMB against the US dollar was adjusted to appreciate by 2%, that is, 1 USD to 8. 1 1 RMB. So far, a new step has been taken to improve the reform of RMB exchange rate mechanism.
After July 22, the RMB exchange rate rose all the way. As of 65438+February 19, the RMB reached 8.0730 against the US dollar, a record high. Calculated at 8.0730, the closing price of RMB exchange rate rose by 2.456% compared with 8.28 before the exchange reform.
The reform of RMB exchange rate was carried out after China government adhered to the principle of "initiative, controllability and gradual progress" and fully considered the needs of domestic reform and development and its impact on neighboring countries, regions and the world economy and finance. The normal fluctuation of RMB exchange rate is conducive to establishing and perfecting China's socialist market economic system and giving full play to the basic role of the market in resource allocation; It is conducive to giving full play to the basic role of market supply and demand in the formation of exchange rate and maintaining the basic stability of RMB exchange rate at a reasonable and balanced level; It is conducive to promoting the basic balance of international payments and maintaining macroeconomic and financial market stability. The reform of RMB exchange rate has taken new steps.
3. The central bank launched short-term financing bonds.
On May 23rd, 2005, the People's Bank of China issued the Measures for the Administration of Short-term Financing Bonds, allowing qualified enterprises to issue short-term financing bonds to qualified institutional investors in the inter-bank bond market. On May 26th, five companies, including Huaneng International and China Development and Investment Corporation, successfully issued seven short-term financing bonds with a total denomination of 1 09 billion yuan, divided into four maturity varieties: 3 months, 6 months, 9 months and1year. The reference yield of one-year short-term financing bonds is 2.92%. China Industrial and Commercial Bank, China Bank, China Construction Bank and China Everbright Bank are the lead underwriters of seven short-term financing bonds, and eight financial institutions, including Agricultural Bank and CITIC Securities.