China needs more central bank independence - IMF

A new paper from the International Monetary Fund says that China should adopt an explicit, long-run inflation objective, strengthen its banking sector, and give its central bank operational independence.

The IMF website said the full text of the Working Paper "A framework for independent monetary policy in China" would be posted shortly.

The paper, published in abstract form on the IMF website, said that the country is in increasing need of an effective monetary policy with a stated low inflati