Report says China to speed up reforms

China will speed up the reform of its interest rate mechanism and foreign exchange regime over the next five years, the Xinhua news agency reported, citing a central bank official.

Jiao Jinpu, deputy director of the central bank research department, was quoted as saying the aim of the interest rate reform is to establish a market-oriented interest rate mechanism and that the central bank will use monetary policy to guide market interest rates.

He said the central bank will further liberalize i