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

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

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

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.

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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