IMF presses Beijing on Renminbi

The International Monetary Fund has demanded that China allow the yuan to face market forces, calling the currency's movement since the July 21 revaluation "very limited", Reuters reported. "Greater exchange rate flexibility would contribute to rebalancing the composition of economic growth by reducing distortionary influence in investment decisions and potentially raising consumption by boosting household income," said David Burton, director of the IMF's Asia and Pacific Department.