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China to push ahead financial innovations, reforms

(Agencies)
Updated: 2009-05-15 14:31

China will push ahead with derivatives innovations and encourage domestic financial firms' investments abroad despite the global financial crisis, Deputy Central Bank Governor Su Ning said on Friday.

He told reporters that the People's Bank of China would push ahead with the development of interest rate swaps, forward rate agreements and other tools to help firms hedge currency risks.

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China would also study a plan to launch high-yield bonds as well as bonds issued by small- and medium-sized firms. But he did not elaborate.

The central bank would also accelerate securitisation and allow foreign institutions as well as wealth management funds to participate in the inter-bank market, he said on the sidelines of a financial forum in Shanghai.

Su said China would widen the channels for capital outflow and support domestic banks, brokers, fund management firms and insurers to invest abroad on behalf of their clients.

He also said that China would establish a monitoring system in Shanghai, especially for short-term and abnormal capital flows.

"With the development of Shanghai as an international financial center, forex flow will have a bigger impact on economic and financial environment. The cross-border forex flow in Shanghai is of a large amount, in quick speed and very frequent," Su said.

Meanwhile, China would expand a scheme to allow qualified foreign institutional investors, especially those mid- and long-term ones, to invest in its stock market, he said.