China to expand financial reform, give markets more say: Premier Li

[SHANGHAI] China will push forward financial reform and increasingly promote the role of the market, the official Xinhua news agency said late on Thursday, citing Premier Li Keqiang.

Mr Li said China successfully swerved systemic financial risks and that there was no long-term basis for depreciation of China's currency, the renminbi. Mr Li was speaking at a meeting with former US treasury secretary Henry Paulson on Thursday.

"China will expand financial reform in the Shanghai free trade zone, promote RMB interest rate marketization, and gradually improve the RMB exchange rate formation mechanism," Xinhua reported, citing Mr Li.

REUTERS