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Economy

IMF urges greater transparency in China's capital curbs

Annual report calls for additional reforms in yuan, fiscal policies

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The yuan has not been in sync with market movements even though it was added to the International Monetary Fund's Special Drawing Rights currency basket.   © Reuters

BEIJING -- The International Monetary Fund pressed China to improve consistency and transparency in its capital flow restrictions rolled out last summer, in light of mounting complaints from Japanese, U.S. and European companies.

The organization highlighted the matter in its annual report on China, released Tuesday. Since last year, the country has restricted international remittances and currency exchanges in large amounts, in order to check yuan devaluation and prevent capital flight.

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