(Reuters) - China's big balance of payments surplus poses acute challenges, but Beijing should free up the yuan at its own pace and take its time in liberalising the capital account, a senior political figure said on Saturday.
"We should keep the initiative in our own hands and not bow to external pressure. But we do also need to further reform the exchange rate regime," said Cheng Siwei, vice chairman of the Chinese People's Political and Consultative Conference, parliament's top advisory body.
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