Economist says yuan should be allowed to rise 5%

China has to speed up the pace of yuan appreciation to 5 percent for this year and ease its huge foreign exchange surplus if it wants to keep domestic bank lending under control, government researcher Zhu Baoliang told reporters on Monday 15 May.

'The excessive money and credit growth is fundamentally because of international payment imbalances, and the fact that the central bank is forced to release base money,' Zhu, a senior economist with the State Information Center, a think-tank affiliate