Capital controls look likely in EM economies
The Toronto summit of the G-20 group of advanced economies finished last week with a declaration calling for more open and flexible foreign exchange markets – especially among emerging market nations. China's gesture towards a more flexible renminbi followed this model. But the issue of capital controls is becoming increasingly prominent – and dividing international financial institutions.
The G-20 said it had agreed on "greater exchange rate flexibility in some emerging markets" – its
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