IMF's Lagarde says "clarity and certainty" needed on yuan's exchange rate

International Monetary Fund Managing Director Christine Lagarde said at a Saturday panel of the World Economic Forum that global financial markets needed “clarity and certainty” about China’s exchange rate basket “in particular with reference to the dollar, which has always been the reference,” Reuters reported. Lagarde avoided taking a clear stance when asked whether she would back the use of additional temporary capital controls by China to stabilize the yuan, but said: “Certainly a massive use of reserves would not be a particularly good idea … Some of it was already used.”