China plots next steps in key financial reforms

China mapped out its next steps in crucial financial reforms on Tuesday 24 October, saying that it would look to make the yuan more flexible and free up interest rates.

Speaking at a financial forum, central bank deputy governor Wu Xiaoling said: "To deepen financial reforms, we must make interest rates more market orientated and make the exchange rate more flexible."

Wu gave no timeframe, but some analysts suggested conditions might soon be ready for China to abandon its practice of setting

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