Greenspan promotes stronger Chinese yuan

China may improve the stability of its economy by allowing the yuan to rise faster, Alan Greenspan, former chairman of the U.S. Federal Reserve, said Monday 29 January via video link at a conference in Shanghai organized by UBS AG.

"If they were to accelerate, not a great deal, but some, it would be quite helpful for the Chinese economy," Greenspan said. Efforts to control the value of China's currency have made "invariable problems of imbalance" in financial markets "more difficult to deal wi