China to reform forex regime, not just level

China's central bank will focus this year on how to establish a workable exchange rate mechanism instead of simply fixing the exchange rate at a certain level, the official China Securities Journal reported, citing a senior PBOC official.

"Don't ask the central bank governor when he will raise interest rates, when he will change the forex rate," said Wu Xiaoling, deputy governor of the People's Bank of China, according to the newspaper. "The governor won't answer such questions," Wu said.

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