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IMF offers PBoC cautious approval as renminbi slide continues

Fund urges China to aim for free float in next few years

People's Bank of China
The PBoC

The IMF has sounded a note of cautious approval as the Chinese authorities stuck with their new approach to the renminbi exchange rate, letting the currency slide a further 1.6% against the dollar today (August 12).

The new market-based policy "appears a welcome step", the IMF says in a statement. The People's Bank of China (PBoC) announced on August 11 market forces would play a greater role in setting the "central parity" exchange rate, although the central bank will still intervene.

"Greater

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