China to release plan for financial reform

A deputy governor of China's central bank said Saturday the country will soon release a five-year plan for the nation's financial reform in the 2011-2015 period.

The plan will concern areas including the marketization of interest rates, the liberalization of exchange rates and the internationalization of the nation's currency, the renminbi or yuan, said Pan Gongsheng, deputy governor of the People's Bank of China, the central bank.

It will also touch on areas such as reforms of direct and indirect financing in the country's financial structure and the development of micro-sized financial organizations, Pan said at an academic symposium held in Beijing.

Pan added that the nation's financial reforms must follow a basic principle that adheres to market and commercial reforms.