- China aims for reasonable, balanced exchange rate
- global markets arent stable yet
- global market turbulence means China needs caution
- China can speed up reform if global markets stabilize
- will move to interest rate liberalization
- wants to have policy rates to guide market rates
- PBOC preparing 2 or 3 policy tools for short and mid term rates
- other central banks have similar tools
- interest rate liberalization can be completed in 2 years but depends on external conditions
Peoples Bank of China governor out on BBG
