According to Jin10, China's central bank said it would steadily deepen market-oriented exchange rate reforms, maintain a managed floating exchange rate system based on market supply and demand and adjusted with reference to a basket of currencies, and ensure that market supply and demand play a decisive role in exchange rate formation. It said the exchange rate should serve as an automatic stabilizer for the macroeconomy and the balance of payments. The central bank also said it would monitor and analyze cross-border capital flows, strengthen the resilience of the foreign exchange market, stabilize market expectations, guard against excessive exchange rate moves, and keep the yuan basically stable at a reasonable and balanced level. It called on companies and financial institutions to strengthen their risk-neutral approach and directed financial institutions to actively provide exchange rate hedging services to small and micro-sized businesses.