The People's Bank of China (PBOC), the central bank, said Thursday that the financial market will focus on market-oriented reforms this year.

 

中国人民银行周四表示，今年的金融市场将着眼于以市场为导向的改革。

 

"Market-based interest rate reform will be further promoted," according to the China Financial Market Development Report 2016 unveiled on the central bank's website.

 

Market-oriented interest rate formation, regulation and transmission mechanism¹ will be improved to enhance central bank's regulatory capacity on interest rates, the report said.

 

The country will also raise the efficiency of the central bank operations, including standing² lending facility, medium-term lending facility and reverse repos.

 

China will also seek further improvement in market-based exchange rate formation mechanism for its currency to increase the flexibility³ of the yuan's exchange rate against the U.S. dollar, the report said.

 

"Efforts will be made to actively⁴ guide and stabilize⁵ market expectations, balance cross-border capital flows, and keep the yuan's exchange rate basically stable at a reasonable and balanced level," it said.

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