China must reform economy, says IMF

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The head of the International Monetary Fund (IMF), Christine Lagarde, is urging China to reform its economy and yuan to stop being so dependent on exports and investment.

In addition to financial reforms, she said that authorities need to boost household income and make sure the benefits of economic growth were reaching more citizens.

International figures congregated in Beijing for the high profile China Development Forum yesterday as new economic reforms were laid out.

The Vice–premier, Li Keqiang, set out new targets and goals for future economic growth, which, according to China Daily, means the country has now ‘entered a crucial stage in reforming the economy’.

Despite this, Ms Lagarde does not seem convinced it will be enough: “What is needed is a roadmap with a stronger and more flexible exchange rate, more effective liquidity and monetary management, with higher quality supervision and regulation, with a more well-developed financial market, with flexible deposit and lending rates, and finally with the opening up of the capital account."

Ms Lagarde also claims that the yuan could become a global reserve currency if China implemented some market–oriented changes.

"If all that happens, there is no reason why the renminbi will not reach the status of a reserve currency occupying a position on par with China's economic status."

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