A more-or-less steady central parity rate of the US Dollar and Chinese Yuan continued to interrupt foreign-exchange traders from taking any new position throughout Wednesday, leaving the Yuan relatively stable against the value of the Dollar.

The US Dollar was, on the over-the-counter market, at CNY6.8270 at about 7:30 GMT, marginally changed from Tuesday's closing value of CNY6.8269. For the entire session then, it kept trading between values of CNY6.8267 and CNY6.8274. Since the end of 2009, the Dollar has continued to settle within seven points around CNY6.8270, and also match the everyday central parity rate.

"People are focusing on the central parity rate and the tone of government officials' comments on policy, which so far haven't changed. That results in little desire to trade", said Shanghai-based trader at a foreign bank. Wednesday session's central parity rate was set at 6.8270 by People's Bank of China, a growth when compared to Tuesday's rate of 6.8268.

News 38 BoE Governor King Calls for "Radical" Reforms for Country's Banking System Tag: UK Yesterday, Bank of England Governor Mervyn King took a rest from his everyday job, which requires him to judge interest rates and economic stimulus measures, to talk about some measures which need to be taken in order to make the country's banking system safer and more robust.

Governor Merv shared with the Treasury committee that there was no "silver bullet" which would instantly solve the banking industry's problems, while stressing for an urgent need to "reform the financial system". King warned the MPs that if anything less than the very extreme measures were taken, "we are doomed to make the same mistakes on a bigger scale".

"Whatever the pros and cons of various alternatives, the system that has the least going for it is the present system. That's the one that has brought us financial crisis of ever-growing severity. That's why asking radical questions about the structure is the right way to conduct the debate", he said. Mr. King also welcomed the American President Barack Obama's proposal to limit the size of the banks across America and their trading activities.