China pledges to forge ahead with banking reform

Also promises increased flexibility in managing exchange and interest rates.

The People's Bank of China, the central bank, has re-emphasized its commitment to financial reform, indicating the Chinese government's determination to push forward despite concerns over the weakening economy.

It will also further boost flexibility in the renminbi’s fluctuation, allowing a bigger role for market forces in influencing the currency rate. The central bank also called for realistic plans to make the renminbi convertible under the capital account and more efforts to expand channels for flows of the renminbi in and out of the country.

PBOC also called for continued efforts to create a deposit insurance system as a way to ward off financial risks. It said it will maintain prudent monetary policy while increasing policy predictability, concentration and flexibility.

This seems to indicate that there will unlikely be a policy shift aimed at boosting the slow growth of the Chinese economy.