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China said yesterday that it would continue to keep the value of the renminbi, the local currency, at a reasonable and balanced level and would adjust the currency's trading band only when economic and financial conditions permit.

In its monetary policy report for the second quarter, the nation's central bank stressed that the core of its renminbi reform concerns the exchange rate adjustment mechanism, not the level of exchange rate value, and that the reform has to be active, controllable and gradual.

Being gradual, according to the People's Bank of China, means the currency exchange rate adjustment mechanism will be reformed gradually, which does not mean the exchange rate value will have to be reformed gradually.

"We will pay close attention to the market reaction and the various effects of the exchange rate reform, and further perfect the renminbi exchange rate adjustment mechanism," said the central bank in its first monetary policy report after the nation announced its unexpected scraping of the renminbi's decade-old peg to the US dollar at the end of last month.

China introduced a currency basket to determine the exchange rate instead of the US dollar peg on July 21.

The renminbi gained 2 per cent against the US dollar accordingly. The central bank said the yuan will be allowed to rise or fall by 0.3 per cent a day against the US dollar.

The central bank also pledged to introduce foreign exchange (forex) derivative products into the market, promote currency swaps and give customers more and better risk management tools.

Financial institutions are urged to utilize effective measures to hedge forex risks and provide good forex solutions for enterprises in China.

"Overall, the reform of the renminbi exchange rate is beneficial for the macro-economy, enterprises and people's living standards," said the central bank, explaining that the rising value of the renminbi means people's wealth appreciates.

It also helps expand the nation's imports and lower the exports, which is conducive to reining in the too-rapid growth of China's trade surplus and foreign reserves, said the central bank.

A stronger currency will undoubtedly put pressure on export-oriented enterprises and lead to short-term pain, the central bank admitted.

But enterprises are urged to explore the growth potential and apply new adjustments to the challenges.

Stephen S. Roach, chief economist and director of global economic analysis at Morgan Stanley, said China's long-awaited currency adjustment is unambiguously positive for the global economy.

"Yes, it is a first step and a tiny one at that. But it qualifies China as an active participant in global rebalancing. Up until now, the Chinese were on the outside looking in. That was a recipe for increased trade frictions and protectionism a hugely destabilizing risk for an unbalanced world," he said.

"China's move on the currency front diminishes those concerns and could well provide an important kick-start to a long-dormant global adjustment process."

China's broad money supply, or M2, which covers cash in circulation and all deposits, grew steadily at 15.7 per cent on a year-on-year basis in the first half of this year, also according to yesterday's report.

The growth rate was 1 percentage point higher than was recorded by the end of last year, but 0.5 percentage points down compared with the same period last year.

"It basically applies to the demand in keeping a sustainable economic development," said the central bank.

The central bank anticipated that in the second half of this year the economy will maintain stable and relatively fast growth, but added that the outlook for the export sector is uncertain due to rising trade frictions.

Consumer price index, which grew at 2.8 per cent in the first quarter and 1.7 per cent in the second, is expected to fall further in the third quarter.

This follows a trend since early this year, but it will rebound in the fourth quarter.