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

What the premier said means that China would continue to increase the flexibility of the RMB exchange rate in a gradual manner.

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

Some US economists assume that the exchange rate is the key to fixing the trade imbalance However, such assumptions failed in statistical tests by using the trade data and the real effective exchange rate recorded in China over the years.

A regime of fixed foreign-exchange rates and obligations to intervene would encroach upon the statute of the ECB and the priority of price stability,

A regime of fixed foreign-exchange rates and obligations to intervene would encroach upon the statute of the ECB and the priority of price stability.