China must look to interest rates: OECD

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The Organisation for Economic Cooperation and Development (OECD) on Tuesday called on China to refocus its monetary policy on the interest rate tool and allow greater flexibility in the exchange rate.

"Going forward, it will need to place less emphasis on quantity-based liquidity controls and more on interest rate changes. Allowing greater exchange rate flexibility and putting more weight on an inflation objective would offer greater scope to tailor monetary policy to domestic macroeconomic

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