China should keep its currency pegged to the US dollar in the short term, Steve Forbes, president and CEO of Forbes Inc, told a meeting in Beijing. Speaking to a gathering of the Pacific Basin Economic Council he said that a floated currency would do more harm than good to China's economy. Urging China to resist international pressure to float the renminbi, he said authorities should continue with banking reform and reduce non-performing loans before turning to their longer-term goal of full convertibility.
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