BEIJING, Feb. 23 -- Chinese central bank governor Zhou Xiaochuan had pledged to promote fast and balanced economic growth this year while keeping the yuan currency stable, the Financial News said Tuesday.

    ¡°The People¡¯s Bank of China should better fulfill its central bank duty in promoting sustained, fast, balanced and healthy economic growth on the basis of keeping the yuan value stable and keeping the financial system stable,¡± Zhou was quoted as saying.

    The central bank would ¡°strengthen and improve¡± the way it manages its monetary controls this year and pay close attention to price indices and balance of payments, he said.

    China would also push forward reforms of financial institutions and encourage financial innovation, Zhou was quoted as saying.

    The economy grew 9.5 percent last year despite government tightening steps, including the country¡¯s first interest rate rise in nine years in October, to cool heated investment growth and head off inflationary overheating.

    China has said it would make the yuan more flexible over time through gradual reforms, but has yet to give a fixed timetable, and has also pledged to keep the currency basically stable.

    (Source: Shenzhen Daily/Agencies)