 China's central bank has said it will press ahead with change to its foreign exchange rate regime, and "let the market play its role" in setting rates. The People's Bank of China also said it will let foreign investors take larger stakes in financial institutions. Meanwhile, Xinhua news agency has said policies to cut over-rapid investment and credit growth will continue. There are large imbalances in China's economic development at present, and continued fears of overheating. The central bank has raised interest rates twice since April, while the government has introduced tougher land-use and environmental standards in an attempt to deter wasteful investment. Xinhua quoted Ma Kai, head of the National Development and Reform Commission, as saying China should continue making use of economic, legal and administrative measures to keep control of the economy. ...
http://news.bbc.co.uk
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