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IMF backs Beijing's yuan move, eyes floating forex rate in 2-3 years

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"A 2-3 per cent move in the (yuan) back towards fair value triggers talk of worldwide currency wars, while the yen has moved from 75 to 125 against the dollar, and also dropped dramatically against other currencies." - Kenneth Courtis, Starfort Holdings chariman

Tokyo

THE International Monetary Fund has welcomed the change in the way China sets the yuan, saying that it should allow market forces to have a greater role in determining the exchange rate.

This appeared to be borne out on Wednesday, as other currencies declined against the US

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