The Reserve Bank has urged China to continue cautiously and gradually with the reform of its financial system.
RBA assistant governor for the financial market, Guy Debelle, has warned that most countries that have attempted economic reform and financial liberalisation at the same time have experienced some financial instability.
"In light of this history, and given the importance of China to the global economy, China's authorities have good reason to continue pursuing a cautious and gradual program of financial reform. This mitigates subsequent risks to financial stability," he told the RMB FX Forum in Beijing on Wednesday.
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