BEIJING, Feb. 27 (Xinhua) -- China's central bank announced on Friday that it will scrap the risk reserve requirement ratio for forward forex sales starting March 2.

The foreign exchange risk reserve ratio for forward forex sales will be reduced from 20 percent to zero, the People's Bank of China (PBOC) said in an online statement.

The move is set to promote the development of the foreign exchange market and support enterprises in managing exchange rate risks, said the PBOC.

Going forward, the PBOC will continue to guide financial institutions in optimizing services for corporate exchange rate risk management and keep the RMB exchange rate basically stable at an adaptive and equilibrium level.