Chinese central bank makes currency pledge

China’s central bank governor has renewed promises to ease controversial exchange rate controls – but says change will be gradual.

Zhou Xiaochuan said that the exchange rate of China’s yuan will be made “more flexible” but in a “step by step” way, the official Xinhua News Agency reported.

Washington and other governments complain China keeps the yuan undervalued, distorting trade and hampering a global recovery.

Officials of the Group of 20 major economies meeting Friday in Washington agreed to look at “currency misalignments,” a response to frequent complaints about the yuan.