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Brussels, 19 June 2010

European Commission welcomes further reform of the RMB Exchange Rate Regime

The European Commission welcomes The People’s Bank of China decision to proceed further with the reform of the RMB exchange rate regime and to resume the RMB exchange rate flexibility. It considers that such a move will be beneficial for both the Chinese economy and the global economy. The European Commission looks forward to work closely with the Chinese authorities bilaterally and in the G20 to address successfully the current challenges to the global recovery.

This implementation of the decision will help achieve more sustainable growth in the global economy, contribute to reduce external imbalances and strengthen the stability of the international monetary and financial system. It sends a signal of confidence on the strength of the global recovery at a time when downside risks have increased. It will also entail positive effects for the Euro Area. By enhancing the flexibility of the RMB exchange rate, the Chinese authorities are providing an important contribution to the success of the G20 Toronto Summit.

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