A senior central bank official said Friday in Beijing that with a new floating exchange rate regime in place, the yuan's value "will no longer be adjusted through administrative measures."

"The yuan is no longer pegged to the US dollar and will not see further official adjustment," Ma Delun, an assistant to the governor of the People's Bank of China told an economic forum in Beijing.

On July 21, China unexpectedly raised the value of yuan by a modest 2 percent and shifted the currency's peg to an undisclosed basket of currencies as opposed to the US dollar alone, allowing it to float within a 0.3 percent range around a central bank-posted middle price.

The exchange rate is likely to change every day, every moment under the new floating regime, Ma said. He urged domestic enterprises to cater to the new change and seek to guard against resultant business risks.

Source: Xinhua