InfoAnda - Obama Welcomes Chinese Exchange Rate Reforms

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Home U.S. World Entertainment Sports Business Health Science Technology Politics Offbeat Environment Travel News Articles Obama Welcomes Chinese Exchange Rate Reforms Email Facebook Digg Twitter Buzz Up! ShareThis June 19, 2010 4:42 p.m. EST Topics: summit, currency values, politics, diplomacy, macro economics, economy, business and finance, finance, United States Tejinder Singh - AHN News Correspondent Washington, DC, United States (AHN) - US President Barack Obama welcomed on Saturday China’s decision to increase the flexibility of its exchange rate for its currency, ahead of upcoming G20 Summit next weekend in Toronto, Canada. President Obama said in a statement, “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.” Earlier the People’s Bank of China said in a statement on its website, “In view of the recent economic situation and financial market developments at home and abroad, and the balance of payments (BOP) situation in China, the People´s Bank of China has decided to proceed further with reform of the RMB exchange rate regime and to enhance the RMB exchange rate flexibility.” Chinese bank noted that the recovery of the global economy saying with it, “The recovery and upturn of the Chinese economy has become more solid with the enhanced economic stability.” The oriental statement added, “It is desirable to proceed further with reform of the RMB exchange rate regime and increase the RMB exchange rate flexibility.” There was also a glimpse into what can be expected further as the Chinese bank stated, “In further proceeding with reform of the RMB exchange rate regime, continued emphasis would be placed to reflecting market supply and demand with reference to a basket of currencies.” The Chinese gesture was welcomed globally while Obama added, “I look forward to discussing these and other issues at the G-20 Summit in Toronto next weekend.” Copyright © 2003 - 2010 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Most Popular Stories Sia Writing Songs For Britney Spears Massachusetts Father Arraigned In Murder Of Family One Dead In Shooting At Fort Gillem 20 killed, 25 injured in Heavy Somali Fighting Phil Mickelson Heads Great Cast For U.S. Open Battle Fallen Tree Pins Driver To Death During Storm, 170,000 Without Power Some In Crowd Turn Violent At L.A. Lakers Championship Celebration Goodell Visits Queens Football Teens; Addresses NFL Topics President Obama Knows, Loves Sports; Nats Game Latest Venture Former NBA Shot-Blocking Star Bol Dead At 47; Had Rare Skin Disease Recent Posts Most Popular Comments Recent Comments Popular Threads Home | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat Follow AHN on Twitter AHN Social News connects you with friends and the news Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services © 2010 AHN All Rights Reserved

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