Forex reform will go steadily
(Xinhua)
Updated: 2004-11-22 10:20

Chinese central bank Governor Zhou Xiaochuan says that China is still in the preparation stage for its financial institutions to take on foreign exchange reform, China Radio International reported Monday.

He says he is waiting to gauge the response of commercial banks before taking any more action on interest rates.

And he also stresses that the global economic balance be taken into account in its foreign exchange policy as well as the needs of its own economy.

The governor of the People's Bank of China is now in Berlin for the Group 20 summit of industrialized and developing nations.

China has come under international pressure to revalue its pegged yuan higher to help correct global imbalances.

China has so far resisted and vows to promote financial reforms.

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