China yuan move helpful says Fed's Gramlich

US Federal Reserve governor Edward Gramlich has said China's decision to revalue its yuan currency was a positive step that should help reduce global economic imbalances.

"I do think the world economy will work best if you have fluctuating rates - both interest rates and exchange rates," Gramlich told the Hawaii Business Roundtable.

"So I would think that, over time, depending on how much the currencies actually fluctuate, that this would go at least part of the way toward resolving some of the

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