IMF's Rato sees no rush on China yuan rate

International Monetary Fund Managing Director Rodrigo Rato said there is no need for China to make its currency convertible in a single step, although a more flexible yuan exchange rate would benefit China and other countries.

"China does not need to (have) immediate total flexibility, and China could perfectly live with some capital controls as a guarantee that the country would be able to handle some speculative money or short-term money," said Rato, who was in Ottawa for meetings with

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