The U.K. also decided to clear spectrum ahead of the rest of Europe and then had to repeat the exercise when the rest of Europe opted for a wider band.

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Even so, China could still introduce some flexibility into its exchange rate, and so regain control of monetary policy, by adopting a wider band or by pegging to a currency basket rather than just to the dollar.

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Mr Baptiste promised accountability and wider consultation among band members, whereas Chief Louie ran on economic development and jobs.

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