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Tuesday, November 17, 2009
IMF: Yuan Strengthening Is Part Of Needed Reforms
By Polya Lesova
MarketWatch Pulse
FRANKFURT -- China will need to further strengthen its currency as part of a package of reforms to rebalance its growth model, said Dominique Strauss-Kahn, managing director of the International Monetary Fund, in a statement on Tuesday at the conclusion of his visit to the Asian nation. "We fully support the government's strategy to rebalance its growth model away from a heavy reliance on exports toward private consumption," he said. "A broad range of policies will be needed to achieve such a rebalancing. Part of the package of necessary reforms will include a further strengthening of the renminbi." Strauss-Kahn also said that China's recovery is now "increasingly well-established and is a source of strength for the rest of Asia and indeed the world." The IMF expects economic growth in China to be in the 8%-9% range this year and next.
Copyright © 2009 MarketWatch, Inc.
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