but the important thing is that it has started to float and over time market forces will play a more and more important role.

The conditions for a free float do not exist at present. The global economy is not balanced, there are still many unstable factors and there will be a lot of adjustments in future,

We should find a balance between opening the market and (national) security issues; not every financial sector is sensitive.

Otherwise, in two or three years' time, once domestic consumption loses steam, there will then be a lot of pressure around issues such as the exchange rate and trade friction.

I think it's very clear that China is introducing a new exchange rate mechanism. It is not a one-time adjustment.

instead of transferring various risks to the government, as they did under the fixed-exchange regime.