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A foreign exchange rate department was created in the People’s Bank of China with the aim to determine currency policy and control international capital flows. This announcement made by the bank was confirmed by the State Council, China’s Cabinet and issued at the website of the central bank. Previously the currency policy related to the monetary policy department of the bank. But according to the China Securities Journal the action undertaken by the monetary policy department were insufficient. The main purpose of this new department is to arrange joint work of those branches of monetary policy department and of the State Administration of the Forex that work with foreign exchange and other corresponding issues.