In the speech 'The impact of the euro' given on 29 October Kristina Persson of the Sveriges Riksbank said China in the short term should retain its fixed exchange rate until such time as its financial system has undergone more substantial reform, which is something that nevertheless must be done in the coming years. In the long term, however, a floating exchange rate appears unavoidable for a country that is on the way to becoming one of the world's leading economies.

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