China must stoutly resist pressure from developed nations to let its currency appreciate too rapidly

The People's Bank of China's unexpected announcement Saturday on the yuan's exchange rate does not mean major reforms are coming soon to the country's currency exchange rate regime.

In a lengthy statement ahead of the G-20 summit, due to be convened in Toronto, Canada, at the end of this month, the country's central bank said it will further push for the reform of the renminbi exchange rate formation mechanism and increase its flexibility at a time when the global economy is well on the way to recovery and the Chinese economy is on a sound footing.