PBOC vows to maintain a prudent monetary policy

The People's Bank of China vowed on Tuesday 21 February to continue perfecting the managed float of the yuan and to introduce new financial products to help firms hedge new-found currency risk.

"The central bank will maintain a prudent monetary policy and maintain the continuity and stability of monetary policy," said the first quarterly monetary report for 2006, posted on the PBOC website.

It also vowed to keep the yuan stable at a reasonable level this year.

"(China will) perfect the manageme