China's central bank to push interest-rate reform

The monetary policy committee of the People's Bank of China, in its first quarterly meeting of the year, has reaffirmed the central bank's commitment to keeping both interest rates and exchange rates steady during 2003.

In a statement posted on the bank's Web site, the monetary policy committee said the bank will also gradually move forward with reforms to China's interest-rate mechanism to eventually allow the market to determine lending and borrowing rates.

"According to the domestic and

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