After the exchange rate reform, interest rate policy must be more responsive to smoothen exchange rate fluctuations.

We need to be very cautious about large fluctuations in the exchange rate.

Not having an exchange rate policy -- and we do not have one -- does not mean there is benign or malign neglect. For the time being there is neglect.

With the deepening of China's financial reform, economic development and the enforcement of the market role, the RMB exchange rate will become more flexible and serve as a more sensitive reflection of the changes of market supply and demand,

The industry has had a caning over the exchange rate.

The U.S. berates China for its exchange rate policy, which Washington doesn't like. But one-sided pressure on China to change its exchange rate is misplaced.