【明報專訊】THE MARKETISATION of the renminbi's exchange rate mechanism has taken another twist recently, with the People's Bank of China back in control of the renminbi's central parity rate. Looked at from the perspective of mainland China's financial situation and the uncertainty over international financial markets, the change, which is aimed at stability, very much coincides with China's situation. Given mainland China's track record in handling financial fluctuations, it is very doubtful whether it has the capability to deal with financial turbulence that happens concurrently on the mainland and abroad. After the renminbi's central parity rate becomes determined by the government again, the People's Bank, by guarding the exchange rate, will be able to offer more help to the handling of the complicated financial environment. Still, the mainland authorities should stick to its goal of internationalising the renminbi and elevating it to the status of a reserve currency.