CHICAGO, Jan 7 (Reuters) - The World Bank will recommend reforms to China's domestic financial system as part of broader proposals to help wean the country from a dependence on exports to sustain economic growth, World Bank President Robert Zoellick said on Saturday.
Those changes could have the benefit of increasing confidence among Chinese authorities that the nation's economy will not be destabilized by foreign exchange reforms, Zoellick said. U.S. and other international authorities have long urged China to let its yuan currency, also called the renminbi, to float more freely on foreign exchange markets.
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World Bank To Recommend Chinese Financial Reforms
by Reuters
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