21 Jul '11, 3am

IMF urges China to reform economy, starting with yuan

IMF urges China to reform economy, starting with yuan

WASHINGTON: The International Monetary Fund on Wednesday urged China to embark on sweeping financial system reforms to shore up long-term growth, starting by freeing up its undervalued yuan. The IMF praised market-oriented changes already underway, but said China needed to embark on a complex "rebalancing" plan that would take the country from an export focus to a more domestic-consumption model. That would boost household incomes, help build the country's service industries, and strengthen China's role in -- and reduce its systemic threats to -- the global financial system. "China's capacity to both transmit and originate real shocks is rising, implying an important stake for the world in its stability," the Fund said in a new report on the Chinese economy. "Insofar as its export-oriented growth model is a source of stresses, economic rebalancing is crucial." "A prerequis...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

Tweets

#IMF : US dollar's share of global foreign exch...

channelnewsasia.com 01 Aug '11, 11pm

SINGAPORE: According to the IMF, the US dollar's share of global foreign exchange reserves has fallen to 60 per cent from ...

we cant even seem to indict any => 14 billionai...

straitstimes.com 24 Jul '11, 12am

Beijing - China executed 14 people with assets of at least a billion yuan (S$188 million) during the past eight years as t...

Well that's all right then: China 'guarantees' South China Sea trade

Well that's all right then: China 'guarantees' ...

straitstimes.com 23 Jul '11, 10am

Chinese Foreign Minister Yang Jiechi told his counterparts from around the the Asia Pacific at a security forum in Indones...