China cool on IMF policy shift

The People's Bank of China reacted coolly to the change in the International Monetary Fund's currency monitoring policies (see our news item, 19 June).

Although the Fund said that the new rules were not aimed at any one country, it has been widely interpreted as being intended to pressurise Beijing to allow the yuan to rise faster.

The central bank said that China had expressed reservations about the decision which "does not fully reflect developing countries' opinions". Egypt and Iran are

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