Fed chief says China rate move should come soon

Fed chairman Alan Greenspan told the US senate on Thursday 21 April that growing economic pressure will force China to change its policy of pegging its currency to the dollar at some point, and the sooner it happens the better.

"The sooner they move off this fixed (rate), the better off for China's economy," Greenspan said in response to questions after urging lawmakers to move quickly to cut US budget deficits or risk putting the economy in peril of stagnation "or worse."

Greenspan said China

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