OECD: China unlikely to move to float currency

According to an OECD economist, China is unlikely to move soon to float its currency despite foreign pressure, but needs to reform its domestic financial system to gain greater flexibility in the exchange rate.

A move to float the dollar-pegged currency, the yuan (renminbi), would require the Chinese authorities to substantially liberalize capital accounts and that cannot be done immediately, said the economist, who requested anonymity.

"I don't see a compelling case to float the currency" at the

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