The Chinese National Congress reported that China will hold up any movement of interest rates or currency.
"There’s no need for now to raise interest rates since the economy is growing at a stable pace and inflation is reasonably low," said Guo Shuqing, director of the State Administration of Foreign Exchange and a deputy central bank governor.

Last time Beijing raised the interest rates to slow its booming economy nine years ago. China officials state that its national currency, the yuan, will remain stable in 2005.

Guo reported that even though a revaluation of yuan will have a negative impact on domestic and global economies the country will ultimately let the currency drift freely.

"We are gradually moving toward allowing the market to determine the yuan’s exchange rate. But there’s no timetable for that to happen," Guo also added.