The People's Bank of China's governor Zhou Xiaochuan says the Renminbi won't be actively depreciated to regain national competitiveness.

 

　　Zhou was speaking during a recent International Monetary Conference in Shanghai, when he also suggested that now maybe a good time to promote interest rate reform.

 

　　The Chinese yuan has risen almost 17 percent against the Japanese yen since the start of the year.

 

　　The Ministry of Commerce has repeatedly expressed concerns about weak exports due to a fast appreciating yuan.

 

　　Zhou also says the government is monitoring a massive movement of global capital, and says they're keeping a close eye on speculative capital inflows.

 

　　For more on currency exchange rate issue, Paul James earlier spoke with Mark Hughes, Executive business editor of China Daily.