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The most important step to improving....>

CHINA PRESS
CHINA PRESS: The most important step to improving the yuan exchange-rate
formation mechanism is to optimize the market-oriented yuan fixing pricing
system, the China Securities Journal reported Wednesday. The yuan fixing pricing
system should better reflect demand and market changes as well as avoiding the
overreaction of market participants, the report said. The "counter-cyclical
factor" is necessary while the market is under pressure but will also influence
the marketization of the exchange rate. Increased opening up of China's forex
market to foreign participants is important. The volatility range of the
exchange rate may be widened at a moderate pace -- but that isn't urgent, the
report said. (China Securities Journal)
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