The currencies in the basket depend on the amount of foreign trade we conduct. The U.S., euro zone, Japan and South Korea are our biggest trading partners now, ... Hence, their currencies are naturally the main ones in the basket.
More Quotes from Zhou Xiaochuan:
We should find a balance between opening the market and (national) security issues not every financial sector is sensitive.Zhou Xiaochuan
In particular, the developed countries, while enjoying low-cost imported goods and services, have to restructure their industrial sectors quickly to create job opportunities and export advantages to improve their competitiveness and dampen protectionism.
Zhou Xiaochuan
China has undertaken several reforms related to the safety net, healthcare reform, pension reform, education reform in the hope to reduce precautionary savings.
Zhou Xiaochuan
but the important thing is that it has started to float and over time market forces will play a more and more important role.
Zhou Xiaochuan
China's major trading partners are the United States, the euro land, Japan, Korea, etc., and naturally, U.S. dollar, euro, Japanese yen and Korean won become major currencies of the basket.
Zhou Xiaochuan
The foreign exchange reserves are still growing. Some people are concerned that the amount of U.S. dollar assets in the reserves will fall. But that's not the case.
Zhou Xiaochuan
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