The following is a reformatted version of the People's Bank of China statement on exchange-rate policy posted on the central bank's website today.
China's currency, the renminbi (RMB), or yuan, has been held about 6.83 per (US) dollar since July 2008 after the government allowed a 21 per cent appreciation over the prior three years.
Further Reform the RMB Exchange Rate Regime and Enhance the RMB Exchange Rate Flexibility
In view of the recent economic situation and financial market developments at home and abroad, and the balance of payments (BOP) situation in China, the People's Bank of China has decided to proceed further with reform of the RMB exchange rate regime and to enhance the RMB exchange rate flexibility.