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IMF report on China's financial system "generally objective": PBOC

Source:   Time:

BEIJING, Nov. 15 (Xinhua) -- China's central bank said Tuesday that an International Monetary Fund (IMF) report on the country's financial system is generally "objective, positive and affirmative" and that its suggestions are "constructive."

The announcement came after the IMF and the World Bank released an evaluation of China's financial sector on Tuesday.

However, certain views in the report "are not sufficiently comprehensive or objective," the People's Bank of China (PBOC) said in a statement posted on its website.

In the report, the IMF applauded the progress China has made in its transition toward a more commercially-oriented and financially sound system, but warned that the country faces "a steady build-up in vulnerabilities" and listed interest and exchange rate reforms as high priorities.

The PBOC statement said specific timing and sequence of several proposed reforms should be based on further research of the country's actual conditions.

China has made great progress in interest- and exchange-rate reforms, and market mechanisms have played a fundamental role in the formation of China's interest and exchange rates, the central bank said, adding that the country will remain flexible in promoting reforms based on the country's conditions.

The country will strengthen cooperation and exchanges with international financial institutions to promote the steady development of its financial sector and prevent risks, according to the statement.

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