BEIJING -- China will increase the flexibility of its yuan exchange rate and further push forward the opening-up of its financial markets, a senior central bank official said Friday.

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China will continue the reform of the yuan exchange rate mechanism and keep the rate basically stable at a reasonable and balanced level, Li Dongrong, assistant governor of the People's Bank of China said at a forum. The speech is posted on the central bank's website.

The central bank will also work to expand trials of cross-border yuan settlement activities to facilitate trade and investment.