China's central bank vows to enhance reform of financial system

The People's Bank of China (PBOC), the country's central bank, vowed on Sunday to improve financial regulation and boost the reformation of the country's financial system. The central bank will "seize an important strategic growth opportunity for the Chinese economy to push forward the reform of key financial sectors, reform the country's financial system and improve the management of foreign exchanges," the PBOC said in a statement posted on its website. The statement was issued after a meeting of the PBOC's Party committee, which was convened to study a speech delivered by President Hu Jintao on Friday at a grand gathering marking the 90th anniversary of the Communist Party of China (CPC). The PBOC statement said the central bank will work to ensure that its policies are "targeted, flexible and efficient." It also said the central bank will enhance financial support for China's agricultural industry, as well as the country's medium- and small-sized enterprises. These sectors typically have limited access to bank financing.