China's central bank sees controlled forex reform

The People's Bank of China has said in a statement that reform of the yuan exchange rate will be a controlled and gradual process to be carried out by China alone.

Following a meeting on monetary policy, the central bank said it will keep the yuan exchange rate at a balanced level and only gradually carry out reform, with an eye on the stability of the markets and the economy.

"We will further deepen foreign exchange management reform, gradually push forward yuan exchange rate system reform, an

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