PBOC pledges to work on yuan reform

The People's Bank of China said on Tuesday 4 January that it plans to move forward with currency reform in 2005, but repeated its long-time pledge to keep the yuan stable.

"We will quicken the development of the forex market, actively and safely push ahead with reform of the renminbi exchange rate formation mechanism," the Xinhua news agency quoted Zhou Xiaochuan, governor of the People's Bank of China, as saying.

China would "maintain the basic stability of the renminbi exchange rate at a rea