Fed's Bernanke says floating exchange rates best

In a speech to the Cato Institute 22nd Annual Monetary Conference on Thursday 14 October Ben Bernanke said that the best course is generally to let exchange rates float freely and to make low and stable inflation a principal focus of monetary policy, while a "garden-variety" fixed exchange rate is, in most instances, the worst of all worlds.

"Moving toward exchange rate flexibility is in the interest of China as well as the rest of the world," Bernanke said in prepared remarks at a discussion on

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