China's Premier Announces Financial Reforms

During the 18th Communist congress, President Hu Jinato is expected to declare he would be stepping down from as party chief.

President Hu Jintao announced on Thursday the implementation of a number of financial reforms aimed at keeping the country's growth rate on track.

In a speech at the opening of 18th Communist Party Congress, where Hu is expected to step down as head of the party, the premier said he plans to make China's currency and interest rates more market-based and that he intends the plan would draw foreign investments.