China’s interventions to stem its stock market turmoil should not derail its bid to gain reserve status for its currency, the International Monetary Fund managing director has said, predicting that the country’s economy is strong enough to withstand the equity ruckus.
Christine Lagarde endorsed Beijing’s efforts to calm its stock market, playing down the declines in Shanghai to date as she pointed out the market was still up 80 per cent on a year ago.
“We believe that the Chinese economy is resilient and strong enough to withstand that kind of significant variation in the markets,” she said in an online question and answer session.
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