China set to continue yuan exchange rate reform: president (11/04/2010)

Updated: 2010/11/4 13:32:00

China will continue its yuan exchange rate reform, adhering to the principles of controllability and graduality, Chinese President Hu Jintao said Tuesday.

Hu, due to visit France and Portugal from Nov. 4 to 7, made the statement in a written interview with France´s Le Figaro newspaper and Portugal´s Lusa News Agency.

China´s exchange rate policy is consistent and responsible, and China has been steadily carrying forward the yuan exchange rate formation mechanism reform, the Chinese president said.

China is to improve a managed floating exchange rate regime, bringing into greater play the role of market supply and demand, to gradually allow more flexibility in the yuan exchange rate while maintaining its basic stability on a reasonable and balanced level, Hu said.

Source: Xinhua Net

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