Wednesday, July 20, 2011

The International Monetary Fund...

...pressed for gains in the yuan, drawing criticism from Chinese officials who blamed the global financial crisis for delaying a shift to a more consumer-led economy.

The IMF's 24 directors "generally agreed that, over the medium term, a stronger renminbi would be an important component in rebalancing the economy toward domestic demand," the fund said in a statement released late yesterday in Washington, using another term for the yuan.

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