Memo: European Commission welcomes further reform of the RMB Exchange Rate Regime

The European Commission welcomed on 19 June 2010 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.