This move doesn't mean fundamental change in the RMB exchange rate formation mechanism.

This move doesn't mean fundamental change of RMB exchange rate formation mechanism.

This move serves to give commercial banks more discretion in pricing so that they can effectively balance the returns with cost and manage risks.

Financial institutions and export and import enterprises have basically adapted to the flexibility of the exchange rate regime and show strong confidence in their future business.

We will further improve the yuan exchange rate formation mechanism and constantly make the exchange rate more responsive to market supply and demand.