IMF chief tells China let the yuan rise for the sake of the world

By Incorrect Author 17 November 2009

The International Monetary Fund’s MD, Dominique Strauss-Kahn, said on Monday that China would greatly help the world if it would remove its currency's peg to the dollar and let the markets determine its value. The move would help soothe the global imbalances by allowing the renminbi to join other Asian currencies, and, crucially, increase China’s domestic consumption. Strauss-Kahn also expressed his confidence in the US dollar remaining the global currency of choice for at least another decade. He also confirmed that the global economy had turned the corner, but still believes it would be prudent for governments around the world to keep stimulating their economies. Read more: Reuters, FT (subscription)