China central bank vows effective policy coordination

China\'s central bank has reiterated its commitment to a prudent monetary policy while also pledging to make its policy more targeted and coordinated to support the real economy. \"The central bank will fine-tune its policy in a timely and proper manner to seek a balance between stabilizing growth, advancing restructuring, promoting reforms and preventing risks,\" said a statement released on Sunday after a regular meeting of the People\'s Bank of China. The bank vowed to optimize the distribution of financial resources to create a steady environment for China\'s ongoing economic restructuring and upgrading. It also reiterated its pledge to push forward market-oriented reforms in its interest rate and exchange rate mechanisms. The latest comments came amid the country\'s increasing efforts to deepen financial reforms. China on Sunday opened a pilot free trade zone in Shanghai, which will be a test bed for a wide range of market-oriented reforms, including easing restrictions on finance, investment and trade, a move widely hailed as a crucial step in the country\'s reform and opening up.