Report says China to move towards floating rates

A senior Chinese official told the UK Financial Times that Beijing no longer favours a fixed exchange rate and will move toward a floating system as part of reforms to loosen capital controls and give market forces more scope, the newspaper reported on Thursday 22 April.

"We don't think that a fixed system is good. We think that a floating system is good," Guo Shuqing, head of the State Administration of Foreign Exchange and a deputy governor of the central bank, was quoted as telling the Fina

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