BEIJING: China's central bank said on Sunday (may 10) it would further deepen the reform of the yuan's exchange rate formation mechanism and maintain the basic stability of the exchange rate at a reasonable and balanced level.
The country will deepen the market-oriented reform of the yuan's exchange rate mechanism, improve the managed floating exchange rate system based on market supply and demand and adjusted with reference to a basket of currencies, and maintain the exchange rate flexibility, the People's Bank of China (PBOC) said in its first-quarter monetary policy report.
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