We are now preparing for the reform of the yuan's exchange rate system. For such reforms to take place, we need good economic conditions... and we need to do it under tight control.

As for when to reform the yuan, there is no timetable yet.

We will not reform the yuan until the time is right even if there is external pressure.

We need to put in place an economic system of governance for the euro-zone.

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,

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