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WASHINGTON (AP) - The International Monetary Fund announced Monday it had adopted new guidelines for how countries should conduct their foreign currency policies. The Bush administration had sought the change as a way of applying more pressure to China to reform its currency system.
IMF Managing Director Rodrigo de Rato announced the action in a speech in Montreal, saying it had been adopted by the agency's 24-member executive board last Friday.
"The change we are making is the first major revision in the surveillance framework in some 30 years and it is the first ever comprehensive policy statement on surveillance," Rato said in his remarks, copies of which were made available in Washington.
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