China seeks economic help, World Bank suggests some financial reforms

FOR IMMEDIATE RELEASE
Albertson, New York, United States of America (Free-Press-Release.com) January 12, 2012 -- LINCOLN, Nebraska (January 13, 2012) – 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, as according to a report made by Yahoo! News last January 7th.

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, the report adds.
"China's policy on the exchange rate will depend in significant part on whether Chinese officials believe the structure of the economy can adjust to the price signals of changed exchange rates," Zoellick mused.

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