China's top statistician Li Deshui said on Tuesday in Beijing that China's exchange rate reform which began on July 21 is "successful," noting "This policy should not be changed so frequently."

Li made the remarks while answering a question on whether China should step up the reform of its exchange regime at a press conference of the Information Office of the State Council, the highest governing body.

"The reform of the exchange rate has been proved a successful one," Li said.

The floating exchange rate based on market supply and demand and pegged to a basket of currencies instead of a single currency in the past is a major progress of the reform in this regard, the Chinese official noted.

China allowed its currency, the yuan, to appreciate by a modest 2 percent on July 21.

The aim of the exchange rate reform is to build a managed, floating exchange rate mechanism based on market supply and demand and to maintain the yuan's basic stability at a reasonable equilibrium, said the People's Bank of China (PBoC), or the central bank.

Source: Xinhua