Stronger yuan needed for rebalancing: IMF chief
Posted by | Posted in Business News | Posted on 15-11-2009
BEIJING (Reuters) – A stronger Chinese yuan is part of the reforms that Beijing needs to implement to increase domestic consumption and help ease global imbalances, the head of the International Monetary Fund said on Monday.
IMF managing director Dominique Strauss-Kahn said that the global economy appeared to have turned a corner toward recovery but that the biggest risk to the global outlook was a premature removal of stimulus measures.
In prepared remarks to a financial conference in Beijing, he added that, despite strains on the current global monetary system, he still expected the dollar to remain the principle reserve currency “for some time.”
(Reporting by Jason Subler; Editing by Ken Wills)
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