| China will continue to pursue a {{U}}(26) {{/U}} monetary policy, and seek refinements in the conduct of monetary policy by relying on {{U}}(27) {{/U}} policy instruments. First, open market operation will be expanded, and the quality of the relevant decision - making will be improved to {{U}}(28) {{/U}} the timing and scale of open market transactions. Transaction frequency will be {{U}}(29) {{/U}} and fine -tuning measures will be taken as the occasion warrants. Flexibility will be exercised in selecting modes of transaction so give further play to the open market in guiding {{U}}(30) {{/U}} interest rates. |