China plans gradual forex reform, says PBOC chief

China will reform its exchange rate regime gradually on a schedule of its choosing and does not plan simply to revalue the yuan, the governor of the People's Bank of China said in an interview.

"We will carry out reforms of the renminbi exchange rate formation mechanism in an active, steady, planned and step-by-step manner," Zhou Xiaochuan, governor of the People's Bank of China, was quoted as saying.

Reforms to the yuan , also called the renminbi, would be unveiled at an "appropriate time", Z