China to adjust monetary policy, says central bank governor

The governor of the People's Bank of China, Zhou Xiaochuan, said China will further improve the formation mechanism of exchange rate of the renminbi, or the country's currency yuan, to keep the exchange rate basically stable at an adaptive and balanced level, Chinas's Xinhua news agency reported.

Zhou was speaking to news persons after the opening ceremony of the Third Session of the 11th National People's Congress (NPC) on the enhancement and improvement of macro-economic control held at the Great Hall of the People in Beijing on Saturday.

The governor also said that China will face the issue of withdrawing its economic stimulus package sooner or later.

''China will adjust its monetary policy in accordance with changes of economic indicators and feedbacks from policy implementation, the central bank governor added.

The central banker described China's foreign-exchange policy as a special response designed to weather the aftermath of the global financial crisis.

Zhang Ping, chairman of National Development and Reform Commission (NDRC), Xie Xuren, the minister of finance, and Chen Deming, the minister of commerce, also attend the news conference.