Eichengreen urges controlled yuan float

Barry Eichengreen, a senior policy adviser to the International Monetary Fund (IMF) during the Asian financial crisis has said China should immediately stop pegging the yuan to the US dollar and instead move to a controlled float of its currency.

Floating the yuan would enable China to better adjust monetary, banking and financial policies to match local conditions rather than being bound so much to the ups and downs of the United States economy, he said.

He told the Asian Economic Panel at the

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