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Chinese cabinet calls for stable yuan in 2006

Written by: Staff

BEIJING, Mar 23 (Reuters) China's State Council, or cabinet, has urged the central bank to keep the yuan currency stable in 2006, according to an official posting on a central government Web site.

The State Council called on the central bank and financial regulatory bodies to continue with a prudent and stable monetary policy and to perfect the exchange rate mechanism.

China should ''keep the renminbi (yuan) exchange rate basically stable at a reasonable and balanced level and promote balance in international trade,'' the cabinet document said on the Web site (www.gov.cn).

The notice to all ministries and departments under the cabinet's supervision appeared to have been posted on Wednesday but was dated March 19.

The document also called on other government departments to execute elements of the nation's latest five year plan, for 2006 to 2010, approved by parliament earlier this month.

The State Council also called on the Ministry of Finance and the country's top economic planner, the National Development and Reform Commission, to push ahead with prudent fiscal policies.

Reuters DH VP0710

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