China will keep the renminbi at a reasonable and balanced level following the International Monetary Fund’s decision to add the unit to its reserve currency basket, the State Council said on Wednesday.
In a statement, the cabinet welcomed the renminbi’s inclusion in the IMF’s Special Drawing Rights basket and pledged to continue a “managed floating” exchange rate regime and maintain the basic stability of the Chinese currency, Bloomberg News reported.
It also vowed to improve the mechanism to ensure an orderly push for the currency’s convertibility under capital account, the report said.
In other comments, the State Council announced plans for pilot programs on financial innovation in Taizhou city in the eastern Zhejiang province, rural financial reform in northeastern Jilin province, and free trade zones in Guangdong, Tianjin and Fujian province.
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