We don't accept the concept of currency manipulation; it is not a clearly defined economic concept.

The conditions for a free float do not exist at present. The global economy is not balanced, there are still many unstable factors and there will be a lot of adjustments in future,

I think it's very clear that China is introducing a new exchange rate mechanism. It is not a one-time adjustment.

We should find a balance between opening the market and (national) security issues; not every financial sector is sensitive.

instead of transferring various risks to the government, as they did under the fixed-exchange regime.

China has undertaken several reforms related to the safety net, healthcare reform, pension reform, education reform in the hope to reduce precautionary savings.