China to continue propelling financial reform: PBOC report

BEIJING - China will continue to push forward reform and opening up in its financial sector this year, the People's Bank of China (PBOC) said in a report Monday.

Reforms to the interest rate system, yuan exchange rate management, stock and bond markets, and financial institutions were highlighted in the central bank's annual report.

The PBOC will continue to liberalize interest rates and give greater say to the market.

The foreign exchange market will be opened wider to the world and the yuan's exchange rate formation system will be improved, with the currency "basically maintained stable around a reasonable and balanced level."

China will further reform its stock and bond markets to promote direct financing, and improve corporate governance of financial institutions.

The PBOC said China's financial system "generally remained stable in 2015," thanks to continued reform, robust innovation and more support for the real economy, despite volatility in the global market.

The country will maintain its proactive fiscal policy and prudent monetary policy this year, with better supervision to prevent systemic risks, said the report.