The Chinese central bank says after years of study and research, the bank believes the renminbi should stay under a managed floating exchange rate regime for now.

Governor Zhou Xiaochuan says, the Chinese economy is currently in transformation. Therefore, its exchange rate mechanism, and the value of yuan will go through dynamic changes.

Also on Saturday morning, the PBOC issued a statement pledging to keep the yuan's exchange rate basically stable in 2010. China has set its yuan exchange rate at around 6.83 per US dollar since mid-2008.

The statement said the formation mechanism of the yuan exchange rate will be further improved to keep the exchange rate basically stable at an adaptive and equal level.

Zhou Xiaochuan, Governor of People's Bank of China, said, "China is shifting from a centrally planned economy system to a socialist market economy system. Therefore, the formation of its yuan exchange rate system and the value of renminbi will also go through constant changes.

The yuan exchange rate regime should meet the need of China's social and economic development, and the globalization process. At present, we believe the yuan exchange rate system should be kept at a managed floating rate."