Wu Xiaoling, vice governor of the People's Bank of China (PBOC) denied the speculation that the central bank was planning to hold an emergency meeting and would issue a new policy to push forward the foreign exchange reform with the approaching of the first anniversary of the reform of RMB exchange rate mechanism, according to the Hong Kong-based daily newspaper Wenhuipo.

Wu dismissed the speculation as nonsense and pure rumor during a financial seminar held in Tsinghua University in Beijing on July 9.

Wu also made comments at the seminar on the development of China¡¯s venture capital investment companies. She said it was regretful to see many venture companies being listed overseas because of the unaccessiblility of listing in the domestic market and the Chinese technology products could not blossom and bear fruit in their own country.

She said while it was necessary for the government to push forward the technological innovation of companies¡¯, the market should play an essential role and therefore the technological innovation with the push of the market should need venture capital investment and the application of the technology should also need the investment of social capital.

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