CHINA

China Will Let Its Currency Float: A government minister said China will let its currency float and eliminate the current complex multi-rate system. “We will gradually rationalize the exchange rate . . . and gradually apply a unitary floating exchange rate system,” Li Lanqing, Minister of Foreign Economic Relations and Trade, told diplomats and reporters. He declined to give details. Bankers and diplomats expect the official exchange rate of the yuan to be gradually devalued to around 5.85 to the dollar from the current 5.4369. The move would be part of financial reforms needed if China is to join GATT, the General Agreement on Tariffs and Trade, diplomats said.