China should be in ‘no hurry’ to relax capital controls, says ADB paper


China should not rush to remove barriers to the free movement of capital across its borders while the global economy remains in a fragile state, according to a working paper published today by the Asian Development Bank.

Monetary and Fiscal Operations in the People's Republic of China: An Alternative View of the Options Available, by L Randall Wray and Yolanda Fernandez Lommen, suggests that China will eventually need to move towards flexible rates, but now is not the time. "Managing exchange

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