China is on course toward a "managed floating exchange rate system," says President Hu Jintao,...

|By:, SA News Editor

China is on course toward a "managed floating exchange rate system," says President Hu Jintao, but "acting on our own initiative in a controlled and gradual manner." Amid a lot of speculation about the renminbi, the stance "doesn't sound like this is anything we don't already know," says a Brown Brothers Harriman strategist. (ETF: CYB)