Press Release: Statement by IMF Managing Director Dominique Strauss-Kahn on China’s Exchange Rate Regime
June 19, 2010Press Release No. 10/251
June 19, 2010
Mr. Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), issued the following statement today on China’s exchange rate regime:
"The People's Bank of China announcement to increase exchange rate flexibility and return to the managed floating exchange rate regime in place prior to the global financial crisis is a very welcomed development. A stronger renminbi is in line with findings of the G-20 Mutual Assessment Process, to be presented in Toronto next week, and will help increase Chinese household income and provide the incentives necessary to reorient investment toward industries that serve the Chinese consumer."