Market to have more say in renminbi rate

Prudent, neutral monetary policy set 'to continue'

The People's Bank of China, the central bank, will allow the market to play a bigger role in determining the yuan's exchange rate while maintaining a prudent and neutral monetary policy this year, a top official said on Monday.

China will continue to deepen the reform of the yuan's exchange rate mechanism, based on market supply and demand and adjust it according to a basket of foreign currencies, Yi Gang, vice-governor of the PBOC, wrote in an article in a local magazine.