皇冠体育app

Economy

US hails 皇冠体育app's decision on exchange rate reform

(Xinhua)
Updated: 2010-06-20 08:48
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WASHINGTON - US Treasury Secretary Timothy Geithner on Saturday welcomed 皇冠体育app's decision to further reform its exchange rate mechanism.

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"We welcome 皇冠体育app's decision to increase the flexibility of its exchange rate," Geithner said in a statement released by the Treasury Department.

"Vigorous implementation would make a positive contribution to strong and balanced global growth. We look forward to continuing our work with 皇冠体育app in the G20 and bilaterally to strengthen the recovery," he said.

The People's Bank of 皇冠体育app, 皇冠体育app's central bank, earlier on Saturday announced a decision to proceed further with the reform of the exchange rate regime to enhance the flexibility of the RMB's exchange rate.

In a recent Congress hearing, Geithner reaffirmed that 皇冠体育app's yuan is a sovereign currency and the decision on reforming its exchange rate mechanism should be made by the Chinese government.