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China pledges more financial reform by 2015

 
Published on Sep 17, 2012
6:42 PM
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An employee counts Chinese 100 yuan banknotes at a branch of Bank of Communications in Shenyang, Liaoning province on July 6, 2012. -- PHOTO: REUTERS

SHANGHAI (AFP) - China said on Monday it would move to allow its currency to float more freely and further liberalise state-set interest rates in a broad financial plan through 2015.

Financial regulators voiced support for reform in the five-year plan for the 2011-2015 period, which was released by the central bank on Monday.

The plan said China would move towards making its tightly-controlled currency, the yuan, fully convertible while allowing more fluctuations in the exchange rate - a perennial political issue with the United States. Washington has repeatedly urged China to allow its currency to strengthen with US officials claiming the yuan is vastly undervalued.

China will "strengthen two-way fluctuations of the renminbi (yuan) exchange rate and maintain basic stability of the exchange rate at a reasonable and balanced level", the plan said.

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