China''s central bank reassured again that it will reform its managed float currency system in stages while keeping its exchange rate at a "reasonable and balanced level".

"We will implement the reform of the exchange rate mechanism gradually, establish a market-oriented, managed floating exchange rate system and maintain the basic stability of the RMB at a reasonable and balanced level," the Agence France Presse quoted from the central bank’s website.

In keeping with its first China’s Financial Stability Report, this news further stresses the republic’s emphasis in this area. The U.S., along with several other nations, has also been urging China to adopt a more flexible foreign exchange regime.

Zhou Xiaochuan, Governor of the People''s Bank of China, said in his interview with Xinhua News Agency, that any adjustments in the mechanism depend on a stable macroeconomic environment, ample foreign exchange reserves and a sound financial system.