(Reuters) - The IMF earlier announcd the first revision to its legal
framework on currency surveillance since 1977 to reflect the
sweeping changes in the global economy over the past 30 years,
including the fast rise of China and India. The changes
stipulate that in addition to avoiding currency manipulation
and intervention, member countries should avoid policies that
result in external instability.
Paulson, who has been trying to persuade China to allow
more flexibility in setting the value of its yuan currency,
added: "The revised decision also demonstrates that the IMF is
serious about reforming itself and enhancing its legitimacy and
relevance in today's global economic and financial system."
Read more at Reuters.com Bonds News
framework on currency surveillance since 1977 to reflect the
sweeping changes in the global economy over the past 30 years,
including the fast rise of China and India. The changes
stipulate that in addition to avoiding currency manipulation
and intervention, member countries should avoid policies that
result in external instability.
Paulson, who has been trying to persuade China to allow
more flexibility in setting the value of its yuan currency,
added: "The revised decision also demonstrates that the IMF is
serious about reforming itself and enhancing its legitimacy and
relevance in today's global economic and financial system."
Read more at Reuters.com Bonds News
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