8. Your government is engaged with the International Monetary Fund to have the RMB included in the official basket of reserve currencies. The devaluation in August was seen as a step toward a more flexible exchange rate, but also spooked global markets. Will China fully open its capital account to make the yuan a free convertible currency? How concerned are you about declines in China's foreign currency reserves and capital flight?
《華爾街日報》：中國政府正在就人民幣納入國際貨幣基金組織儲備貨幣籃子同國際貨幣基金組織進(jìn)行討論。今年8月人民幣匯率的貶值也被看作是邁向更為靈活匯率形成機(jī)制的重要舉措，但此舉同時也嚇壞了全球市場。中國是否會完全放開資本賬戶，使人民幣成為能夠自由兌換的貨幣？您是否擔(dān)心中國外匯儲備的下降以及資本外逃？

XI:China has been working to improve market-based RMB exchange rate regime. Recent measures to improve the quotation of the RMB central parity is a case in point, as it gives greater say to the market in deciding the exchange rate. Given the complexities in the current international economic scene and financial market and the apparent divergence in market makers' expectations of the future trend of the RMB exchange rate, there had been a long-standing gap between the central parity and market exchange rate of the RMB. With improvements to the quotation of the RMB central parity, the RMB central parity will better respond to supply and demand in the foreign exchange markets, and systemically avert the sustained large gap between the RMB central parity and market exchange rate. Since the quotation of RMB central parity was improved on Aug. 11, initial progress has been made in correcting the deviation. Given the current economic and financial conditions at home and abroad, there is no basis for sustained depreciation of the RMB. Reform of the RMB exchange rate formation regime will continue in the direction of market operation.
習(xí)近平：中國一直在完善人民幣匯率市場化形成機(jī)制。這次完善人民幣匯率中間價報價就是其中一步，加大了市場決定匯率的力度。當(dāng)前，國際經(jīng)濟(jì)金融形勢復(fù)雜，做市商對人民幣匯率走勢預(yù)期明顯分化，使得人民幣匯率中間價和市場匯率出現(xiàn)了較長時間的偏離。完善中間價報價使中間價形成更加參考外匯市場供求關(guān)系，從機(jī)制上防止中間價和市場匯率持續(xù)大幅偏離。8月11日中間價報價完善以來，偏差矯正己初見成效。從國際國內(nèi)經(jīng)濟(jì)金融形勢看，人民幣匯率不存在持續(xù)貶值的基礎(chǔ)。人民幣匯率形成機(jī)制改革會繼續(xù)朝更加市場化的方向邁進(jìn)。

Chinaput forward the goal of convertibility of the RMB under the capital account back in the early 1990s. Over the past 20 years and more, China has been working toward this goal. Currently, there are only very few transactions that are still banned under the RMB capital account. China is advancing the convertibility of the RMB under the capital account in a steady and orderly manner.
中國早在上世紀(jì)90年代初期就提出了實(shí)現(xiàn)資本項(xiàng)目可兌換的目標(biāo)。20多年來，中國一直在朝著資本項(xiàng)目可兌換方向努力。目前，人民幣資本項(xiàng)目完全不開放的交易已經(jīng)不多，中國正在穩(wěn)步有序向前推進(jìn)人民幣資本項(xiàng)目可兌換相關(guān)工作。

There has been a recent drop in China's foreign reserves. This actually reflects improvement to the mix of local currency as well as foreign exchange assets and liabilities of domestic banks, enterprises and individuals. There are three main reasons: First, some assets in foreign exchanges were transferred from the central bank to domestic banks, enterprises and individuals, including an increase of US$56.9 billion in the balance of foreign reserve deposits of domestic banks in the first eight months of this year, with a US$27 billion increase in August alone. Second, outbound investment by domestic enterprises has grown rapidly. Third, domestic enterprises and other market entities are reducing foreign financing steadily, which helps reduce risks of high leverage operation and currency mismatch. These changes are normal capital flow, which is moderate and manageable. Foreign investors who aim at long-term gains are still investing in China. China's foreign exchange reserves remain abundant and is still very large by international standard. With improvement to the RMB exchange rate regime and progress in RMB internationalization, it is quite normal that China's foreign reserves may increase or decrease, and there is no need to overreact to it.
近期，中國外匯儲備余額下降，主要反映了境內(nèi)銀行、企業(yè)、個人等本外幣資產(chǎn)負(fù)債結(jié)構(gòu)的優(yōu)化調(diào)整。主要有三個原因：一是部分外匯資產(chǎn)由央行轉(zhuǎn)向境內(nèi)銀行、企業(yè)等機(jī)構(gòu)及個人持有，如今年前8個月境內(nèi)銀行各項(xiàng)外匯存款余額增加569億美元，其中8月份增加270億美元。二是境內(nèi)企業(yè)“走出去”對外投資增長較快。三是境內(nèi)企業(yè)等市場主體穩(wěn)步減少境外融資，有助于降低高杠桿經(jīng)營、貨幣錯配等風(fēng)險。這些變化都屬于正常的資本流動，在適度可控的范圍內(nèi)。真正以長期投資為目的的外方投資者仍在進(jìn)入中國。中國外匯儲備依然充裕，在世界范圍內(nèi)仍屬于很高水平。隨著人民幣匯率形成機(jī)制不斷完善以及人民幣國際化推進(jìn)，中國外匯儲備有所增減是正常的，不必過分擔(dān)憂。