Press Release: Statement by IMF Managing Director Christine Lagarde on the People's Bank of China Exchange Rate Action
IMF News, April 14, 2012
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- Press Release: Statement by IMF Managing Director Christine Lagarde on the People's Bank of China Exchange Rate Action
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Bibliographic details
- Published: April 14, 2012
Publication details
- Press Release No. 12/133
- April 14, 2012
- IMF EXTERNAL RELATIONS DEPARTMENT
- Public Affairs / Media Relations
Official statement summary
- Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued a statement in reaction to the People’s Bank of China announcement on April 13 concerning the renminbi’s trading band in the inter-bank foreign exchange market.
- Quoted text from Ms. Lagarde:
- "I would like to welcome this important step by the People's Bank of China to increase the flexibility of their currency. This underlines China's commitment to rebalance its economy toward domestic consumption and allow market forces to play a greater role in determining the level of the exchange rate."
Key factual details and statistics
- The renminbi’s trading band against the U.S. dollar was widened to 1.0 percent from 0.5 percent.
- Date of People’s Bank of China announcement referenced: April 13.
Contact information (as listed)
- E-mail: publicaffairs@imf.org
- E-mail: media@imf.org
- Fax: 202-623-6220
- Phone: 202-623-7100
Source: Press Release No. 12/133, April 14, 2012, IMF EXTERNAL RELATIONS DEPARTMENT.