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Financial News, a newspaper.............>

CHINA PRESS
CHINA PRESS: Financial News, a newspaper supervised by the People's Bank of
China, stressed Thursday in a front-page commentary the importance of deepening
interest rate and exchange rate reform. For interest rate reform, the central
bank's macro-controls need to be enhanced as interest rates become more market
oriented, and the financial market benchmark interest rate system - including
the Shanghai Interbank Offered Rate (Shibor), the China government bond yield
curve and the loan prime rate - should continue to be improved as references for
pricing financial products, the newspaper stressed. China also need to further
improve the yuan exchange rate formation system by letting market pricing play a
more decisive role and strengthening the two-way movement of the yuan. The yuan
exchange rate needs to remain basically stable at a reasonable and balanced
level, it added. China will further open its financial sector and provide a
fair, competitive environment for foreign financial institutions. Cross-border
capital flow management also must be improved. (Financial News)

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