So there is no need to rely on administrative adjustment any more.

The next adjustment will come in the foreign exchange market.

If we sell large quantities of U.S. treasuries, it would cause the price to plunge. We're not going to do that.

The yuan is no longer pegged to the US dollar and will not see further official adjustment.

I'd like to tell everyone, the next change in the (yuan exchange rate level) is happening everyday. Every hour it is going on.

Regulatory failings mean that the cost of breaking the law is far below that of obeying it - businesses are happier to pay fines than to control pollution.