-China's government has shown it is committed to allowing a more flexible exchange rate, but the timing of the appreciation of the yuan remains in question, a top International Monetary Fund official who previously served on China's central bank said Monday.
Min Zhu, a special adviser to the IMF and former deputy governor of the People's Bank of China, told a conference in Washington that a more-flexible yuan is "good for China; it's good for the whole world."
"The Chinese government is committed and realizes the importance of moving towards a market-driven exchange rate," Zhu said.
Note EU-Digest: China, Brazil and other fast-growing nations have struggled to contain inflation and control heavy inflows of investment money. Although the IMF has been warning for months of the risks of price pressure, the comments by the Fund's first deputy managing director, John Lipsky, suggested the IMF is growing increasingly concerned.
"For the emerging economies, growing at 6.5 to 7 percent, their margins of excess capacity have been largely used up, and as a result we're starting to see incipient signs of overheating," Lipsky told Reuters Insider in an interview.
For more: UPDATE:IMF Official: China Sees Importance Of Yuan Appreciation - WSJ.com
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