Zhou Xiaochuan

Recent reforms to China's currency regime do not represent a one-off adjustment, Chinese central bank governor Zhou Xiaochuan told the Financial Times, repeating a commitment to gradually make the exchange rate more flexible.

Zhou said a managed floating exchange rate was in place that would allow a move to a market-driven system.

"I think it's very clear that China is introducing a new exchange rate mechanism. It is not a one-time adjustment," said Zhou in an interview published on Monday.

The government has often said that China is moving toward greater flexibility in its exchange rate, but it has given no clear indication on when the currency might be further revalued.

And after last month's 2.1 percent revaluation of the yuan to 8.11 per dollar, it said more such adjustments should not be taken for granted.

The Financial Times said Zhou had declined to give a timetable for widening the band in which the renminbi was allowed to float or for moving to a more market driven system.

But the newspaper quoted him as saying observers should not assume progress would be very slow.

Zhou said in the initial period movement might seem small, "but the important thing is that it has started to float and over time market forces will play a more and more important role." 

(Reuters)

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