IMF's Rajan on global current account imbalances

In the speech 'Financial system reform and global current account imbalances' given on 8 January Raghuram Rajan of the IMF said China is reaching important cross-roads and must speed up financial sector reform.

"The export oriented strategy has carried it far, but it is unsustainable in the long run, if nothing else because of external and domestic political constraints. Similarly, investment cannot continue to increase as it has in the recent path. To rectify these imbalances, China will have to

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