gongsheng pan : situation and development of china's foreign exchange market speech by mr gongsheng pan, deputy governor of the people's bank of china, at the 13th lujiazui forum, shanghai, 10 june 2021. * * * honorable secretary li qiang, mayor gong zheng, governor yi gang, chairman guo shuqing, chairman yi huiman, ladies and gentlemen, good morning. at today's forum, i would like to talk about the situation and development of china's foreign exchange market. i. the rmb exchange rate has seen two - way fluctuations and the foreign exchange market operates stably 1. the operation of the foreign exchange market is a subject of common concern. since the beginning of this year, the rmb exchange rate against the us dollar has seen twoway fluctuations and is generally stable. developments in international financial markets, especially the fluctuations in the interest rate and the exchange rate of the us dollar, have had some impact on other currencies, including the rmb. at the same time, with the chinese economy continuing to recover steadily, the rmb exchange rate has remained basically stable at an adaptive and equilibrium level. at present, china's current account surplus remains in a reasonable range ; supply and demand in china's foreign exchange market are basically in equilibrium ; and china's foreign exchange reserves are stable and rising. china adopts a managed floating exchange rate regime based on market supply and demand with reference to a basket of currencies. it has proved to be an institutional arrangement suitable to china's national conditions and will be pursued persistently. 2. factors influencing the rmb exchange rate are complicated and two - way fluctuations will become normal. the rmb exchange rate is more stable than other currency exchange rates ; rmb exchange rate expectations are stable ; and trading in china's foreign exchange market has been rational and orderly. there are multiple factors home and abroad that influence the movements of the rmb exchange rate. on the one hand, china's economy has been stable and improving ; it has maintained a normal monetary policy ; its balance of payments is sound and stable ; and its foreign exchange market is maturing. all these factors will continue to provide strong support for the stability of the rmb exchange rate. on the other hand, there are 1 / 5 bis - central bankers'speeches a number of destabilizing factors and uncertainties in the external environment affecting the rmb exchange rate. first

liu tinghuan : china ’ s real estate finance and policy implications speech by mr liu tinghuan, deputy governor of the people ’ s bank of china, at the 1st jiangxi highlevel forum on real estate development and financial support, jiangxi, 26 june 2004. * * * it is a great pleasure for me to attend the 1st jiangxi high - level forum on real estate development and financial support organized by the land institute and the financial institute of jiangxi province. i would like to take this opportunity to share with you my personal observations on china ’ s real estate finance and policy implications. my remarks will fall into three parts : first, i would like to give a brief overview of the current situation and analyze problems in china ’ s real estate financial market [UNK] then i will make an analysis of approaches, methods and channels to develop china ’ s real estate finance centering on how to provide financial support to the growth of the real estate sector ; finally, i will touch on the issues of supervision and regulation of the real estate financial market. i. overview and analysis of the current situation of china ’ s real estate finance 1. china ’ s real estate finance has developed rapidly in recent years. since the reform and opening up, china ’ s real estate finance has witnessed rapid growth, from nowhere to a considerable size, along with the reform of national housing system and continuous growth of the real estate market. especially since 1998, financial support to the real estate industry has been extended from previous single enterprise development loan to both investment and sale credit. the current development of china ’ s real estate finance has the following characteristics : first, property development and personal housing consumption lending experienced accelerated growth year by year. the outstanding balance of property development loans rose to rmb665. 74 billion yuan in 2003, or 3. 2 times of 202. 89 billion yuan in 1998. personal housing consumption loans grew rapidly likewise, by rmb1135. 36 billion yuan or 26. 64 times during 1998 - 2003, accounting for as high as 75 - 97 percent of consumer credit. second, the growth of property development loans outpaced the growth of total lending of financial institutions markedly. the average annual growth rates recorded 29. 43 and 14. 62 percent respectively during 1998 - 2003. while total real estate loans including personal housing loans grew at an average rate of 44. 35 percent, highlighting out - performance over other loans. third, real estate trust financing expanded rapidly, emerging as the most