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China will focus on establishing a modern central bank, improve the financial supervision system and deepen the reform of financial institutions in the next step, the 21st Century Business Herald reported citing a statement by the Financial Stability and Development Committee under the State Council. A modern central bank system pays more attention to the use of cost-sensitive regulations, price stability, communication with the public as well as keeping the independence of monetary policy, the newspaper said. Improving base currency injection mechanism and market-based interest rates are two main themes in building up a modern central bank, the newspaper cited Zhang Chengsi, professor of Renmin University.