http://usa.chinadaily.com.cn/business/2015-08/12/content_21577009.htm
The International Monetary Fund (IMF) on Tuesday welcomed China's
move to improve its foreign exchange formation system and said a more
market-oriented exchange rate would facilitate the Special Drawing Right
(SDR) operation if yuan was included in the basket.
"The new mechanism for determining the central parity of the yuan
announced by the People's Bank of China (PBC) appears a welcome step as
it should allow market forces to have a greater role in determining the
exchange rate," an IMF spokesperson said in a statement on Tuesday.
The spokesperson said that greater exchange rate flexibility is
important for China as it strives to give market forces a decisive role
in the economy and is rapidly integrating into global financial markets.
The IMF also said China has the ability to achieve an effectively
floating exchange rate system within two or three years.
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