From The Associated Press, via The Washington Post:
China said Friday it would keep a strict hold on its currency controls this year, saying it needed to improve its financial system before finding a new foreign exchange regime.
“China’s central bank has vowed to keep the yuan exchange rate basically stable for 2005,” the official Xinhua News Agency said.
At the same time, the central bank will push forward exchange rate reform in an “active and prudent manner,” the report said, but did not provide details.
