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WASHINGTON, Oct. 10 (Xinhua) -- China would continue reform of the formation mechanism of its currency exchange rate to improve its flexibility, but will do so in a gradual way, Zhou Xiaochuan, Governor of the People's Bank of China, China's central bank, said here on Sunday.Westerners prefer Western medication method that is quick but drastic, while Chinese people prefer traditional Chinese medication that is slower and giving time for different herbs to take effect. A steep rise of Chinese currency yuan would cause harms, Zhou told a group of bankers and reporters during a luncheon speech at the 2010 annual membership meeting of the Institute of International Finance (IIF).Governor of the People's Bank of China (PBOC) Zhou Xiaochuan hosts a press briefing during the annual meetings of the International Monetary Fund (IMF) and the World Bank in Washington D.C., capital of the United States, Oct. 8, 2010. To manage Chinese currency issue is a "complicated art," as you have to take into consideration domestic inflation, unemployment rate, gross domestic product (GDP) growth, balance of payments and other factors, he added.IIF, which represents over 420 world leading financial institutions headquartered in more than 70 countries, host its annual membership meeting in Washington D.C. between Oct. 8 and 10, when the International Monetary Fund and World Bank host their annual meetings in the same time.

BEIJING, Oct. 15 (Xinhua) -- The value of yuan, China's currency Renminbi, strengthened for a third consecutive day against U.S. dollar Friday as the central parity rate of the yuan was set at 6.6497 per U.S. dollar, according to the data released by the China Foreign Exchange Trading System.Friday's central parity rate beat the previous record of 6.6582 on Oct. 14.The yuan has picked up its strength against the U.S. dollars and seen increased volatility in the trading days since the People's Bank of China (PBOC), the central bank, announced on June 19 this year to increase exchange rate flexibility.Based on Friday's central parity, the Chinese currency has strengthened against the U.S. dollar by about 2.65 percent from the rate of 6.8275 per U.S. dollar that was set a day before the PBOC's pledge to increase flexibility.On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate during trading each day.The PBOC released the yuan's central parity rates against a basket of currencies -- the U.S. dollar, the euro, the Japanese yen, the Hong Kong dollar, the British pound and the Malaysian Ringgit.The yuan's parity rate against the euro was set by the central bank at 9.3259 Friday, higher from 9.3491 on Oct. 14, the previous trading day.The yuan's rate against 100 yen was 8.1531 Friday, compared with 8.1611on Thursday.The yuan's rate against the British pound was 10.6305, compared with 10.6192 on the previous trading day.The central parity of RMB against the U.S. dollar is based on a weighted average of enquired prices from all market makers before the opening of the market in each business day.The central parity of RMB against the other five currencies is based on the central rate of RMB against the U.S. dollar of the same business day as well as the exchange rates of the five currencies against the U.S. dollar at 9 a.m. (0100 GMT) of the same business day in the international foreign exchange market.

XICHANG, Sichuan, Sept. 30 (Xinhua) -- Preparations for China's second unmanned lunar probe, Chang'e II, are almost complete at the Xichang Satellite Launch Center (XSLC) in southwest China, and the satellite is ready for a Friday launch, based on satisfactory weather forecasts.Weather will be the only question for Friday as the rocket's first and second stage boosters were fueled with conventional propellants Thursday, said authorities with the XSLC.Li Shangfu, Chief Director of the XSLC, said the center's Thursday weather forecast for Oct. 1, the first launch window, predicted light rain and very limited chances that thunder and lightning would occur from the time of the rocket fueling to an hour after the launch window.Further, the launch is not likely to be influenced by the high-altitude winds and the electric field on the ground, he said.The launch center will hold a meeting at 10:30 a.m. Friday to decide whether to begin the final stage of fueling of the Long March 3C rocket, the last procedure before the launch, based on weather conditions, said Li.Once the fueling of the rocket's third stage booster begins, the launch of the satellite will be "irreversible" and occur in eight hours, he said.With the help of radar and satellites, weather forecasts at the XSLC are 80 to 90 percent accurate for no more than 48 hours, and for weather conditions within four hours they can be over 90 percent accurate, said Jiang Xiaohua, a meteorological expert at the center.The rocket will carry the Chang'e II to a trans-lunar orbit, and then the satellite is expected to take about 112 hours, or nearly five days, to arrive at its lunar orbit for a six-month mission.The lunar probe will test key technologies and collect data for future landings of Chang'e III and Chang'e IV, and provide high-resolution photographs of the landing area.Chang'e II was built as an alternative to Chang'e I, which was launched in October 2007 and maintained a 16-month lunar orbit. The series of Chang'e probes is named after a legendary Chinese moon goddess.

BEIJING, Sept. 8 (Xinhua) - A senior Chinese leader has urged governments and people in Heilongjiang Province, an industrial and grain production base of China, to tap its unique potentials for a "leapfrog development."He Guoqiang, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, on Wednesday wrapped up his six-day inspection tour in the northeastern province.He urged the province to speed up the transformation of the economic growth pattern, maintain a stable and relatively rapid development and rejuvenate the old industrial base.Great importance should be attached to boosting innovation and sharpening the competitive edge of local products, He said during his visit to two major industrial enterprises.Also, land-reclamation enterprises should promote agricultural development in an intensive and specialized way, said He while touring the Beidahuang land-reclamation districtHe urged government departments to ramp up measures to prevent pollution and forest fires while inspecting the Daxinganling forestry district.He also insisted that local authorities improve infrastructure construction as well as people' s living conditions to further promote the integration of cities and the countryside.He, who is in charge of disciplinary work in the CPC Central Committee, asked local disciplinary and supervisory officials to promote clean governance and intensify the fight against corruption.