China's top banker denies RMB undervalued

From Xinhua:

China is very much on the track toward an exchange rate reform in response to the demand of the world's richest nations for a more flexible exchange regime, China's central bank chief told Xinhua on Saturday. "

Zhou Xiaochuan, governor of the People's Bank of China, however, cautioned that the reform will be carried out in a measured way to guarantee stability of the renminbi, China's currency.

China sticks to its long-term goal of convertibility of the renminbi under capital account, he said in an exclusive interview with Xinhua.