Global Welcome For Exchange Rate Flexibility
Source: Agencies |
June 21, 2010, Monday
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Print Edition
Print Edition
CHINA'S announcement on Saturday that it would deepen currency reform was welcomed around the world.
United States President Barack Obama said the move would help protect economic recovery, while the European Commission said it would benefit "both the Chinese economy and the global economy."
"China's decision to increase the flexibility of its exchange rate is a constructive step that can help safeguard the recovery and contribute to a more balanced global economy," Obama said.
The European Commission said: "By enhancing the flexibility of the yuan exchange rate, the Chinese authorities are providing an important contribution to the success of the G20 Toronto summit."
The European Central Bank and Jean-Claude Juncker, who heads the Eurogroup, said: "Given China's important role in the global economy, we encourage the authorities to allow for greater flexibility of the yuan effective exchange rate as a means of promoting balanced growth in China and in the world economy." Russian Finance Minister Alexei Kudrin also welcomed the move.
United States President Barack Obama said the move would help protect economic recovery, while the European Commission said it would benefit "both the Chinese economy and the global economy."
"China's decision to increase the flexibility of its exchange rate is a constructive step that can help safeguard the recovery and contribute to a more balanced global economy," Obama said.
The European Commission said: "By enhancing the flexibility of the yuan exchange rate, the Chinese authorities are providing an important contribution to the success of the G20 Toronto summit."
The European Central Bank and Jean-Claude Juncker, who heads the Eurogroup, said: "Given China's important role in the global economy, we encourage the authorities to allow for greater flexibility of the yuan effective exchange rate as a means of promoting balanced growth in China and in the world economy." Russian Finance Minister Alexei Kudrin also welcomed the move.
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