This flexible mechanism, this managed floating regime, will allow us to adjust the yuan exchange rate flexibly in the future.

The current mechanism is in the right direction. I think in terms of flexibility, (the yuan) is gradually determined more and more by market forces and demand and supply of the market.

The floating exchange rate system is the worst possible system, except for all the others,

This is a legitimate concern and that's why the central bank has to urge commercial banks to pay attention to their pace of new lending.

This is providing favorable conditions for China to adjust its exchange-rate policy and macro-economic policies.

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