RMB rate to depend more on basket of currencies: PBOC economist

The Chinese yuan's exchange rate will be determined with more reference to a basket of currencies, a senior economist with the central bank said Monday.

"China will guide the market to form a yuan/dollar rate, so as to help stabilize the yuan's value against the currency basket," said Ma Jun, chief economist of the People's Bank of China's research bureau.

Ma's remarks came amid persistent depreciation pressure of the yuan against the greenback. Endi