IMF steps up exchange rate rules

IMF boss Rodrigo de Rato said the new rules would show "what is acceptable to the international community".
The IMF refused to say it was aimed at China, criticised for its yuan rate.
Some US lawmakers claim China is keeping its yuan currency undervalued to gain an unfair competitive edge for its exports.
The US trade gap with China moved to $232.5 billion (about P1.4 trillion) in 2006.
But the IMF said its new forthcoming legal framework for monitoring a country's currency exchange programme did not target any specific country.
It said the framework would provide a level playing field for all its 185 members by being clearer and broader in scope.
"It reaffirms that surveillance should be focused on our core mandate, namely promoting countries' external stability," said de Rato, the IMF's managing director.
The new principles that will make up the framework of fresh rules will be announced on Thursday. (BBC)