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China banking chief urges Beijing to give the yuan its freedom
China has been urged to release the reins on the yuan exchange rate if it’s serious about giving their currency global clout. Beijing has taken some steps towards more financial liberalisation in recent years but fears of volatility that would unsettle capital flows and China’s economy have meant their grip on the yuan has remained tight. But a senior central bank researcher has said this week if China really wants to challenge the dollar’s pre-eminence it needs to free up its currency. "We have to admit that under the condition of yuan internationalisation, we can't manage the yuan exchange rate. The ... (full story)