China economists call for yuan basket peg

A group of leading Chinese economists, including a member of the People's Bank of China's influential monetary policy committee, has called for China to remove its long-standing yuan peg to the U.S. dollar and fix the yuan to a basket of currencies.

In a front-page piece in the official China Securities Journal, the group said that the decade-old peg of around 8.27 yuan to the dollar should be dismantled in favour of a basket of currencies as an interim measure, before moving to a floating rate

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