November 8, 2012 / 2:57 AM / 5 years ago

China's Hu vows more market-based interest rates, yuan

BEIJING (Reuters) - China’s ruling Communist Party on Thursday began a key congress at which President Hu Jintao will give up his position as head of the party to anointed successor, Vice President Xi Jinping.

Chinese President Hu Jintao delivers a speech during the opening ceremony of 18th National Congress of the Communist Party of China at the Great Hall of the People in Beijing, November 8, 2012. REUTERS/Jason Lee

The Party will also unveil its new Standing Committee, China’s top political ande decision-making body, which is likely to be shrunk to seven members from the current nine in a move to ease the passage of much-needed reforms.

Reporting by Beijing bureau

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