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

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.