(by Sh. Nakata)

China will keep its renminbi stable with firm monetary and yuan policy, the Central Bank of China cited as saying.

A senior member of the nation’s central bank Wang Yu said China will move towards more market0oriented interest rates. "The central will henceforth do its best to protect the stability of the yuan’s exchange rate, laying the foundations for future economic development," Wang was quoted as saying.

Last month, China lifted rates for the first time within nine years. The U.S. demands China’s yuan to become less dependent on dollar as renminbi has been held at $8.28 since the 1997-98 Asian financial crisis.

Beijing also said it will make currency reform as demanded but without being under the pressure from outside.