China's central bank pledged Thursday to keep the exchange rate of Renminbi (RMB) "basically stable at an adaptive and equilibrium level".
The central bank plans to "steadily push ahead with RMB convertibility under capital account, further develop foreign exchange market and improve the mechanisms for determining RMB exchange rate, and keep the RMB exchange rate basically stable at an adaptive and equilibrium level," according to the materials.
(Xinhua News Agency March 11, 2004)