People's Daily Online -- EU welcomes China's revaluation of yuan
People's Daily Online -- EU welcomes China's revaluation of yuan
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UPDATED: 12:41, July 23, 2005
EU welcomes China's revaluation of yuan
The European Union (EU) welcomes China's decision to revaluate its currency yuan, viewing it as a step showing "China assuming greater international responsibility," EU officials said Friday.
"This is a welcoming move," said Peter Mandelson, European commissioner for trade, in a statement read by his spokeswoman Claude Veron- Reville at the press conference of the European Commission (EC), the EU's executive arm.
On Thursday, China raised the value of its currency yuan by 2.1percent, untying the peg to the US dollar.
"This is further step of China assuming greater international responsibility and we recognize this," said the statement.
Mandelson, who recently wrapped up a deal with China over textile trade, also said he did not expect "early or significant impact" on the international trade as a result of the yuan's appreciation.
China's decision to lift its currency rate is of vital interest for European countries as the EU is China's number one trading partner and China, the second largest of the 25-member bloc just after the United States,
"The (European) Commission welcomes yesterday's decision," said Pia Hansen, who presided over the EC' press conference, noting that this revaluation was moving "in right direction."
"We believe the shift to a basket of currencies of China's major trade partner provides increased exchange rate flexibility over the medium run," she said.
"The (European) Commission believes that the decision is very much in China's interest in that it would help China's growth in a balanced and stable manner. It should also contribute to better functioning of global economy and contribute to global financial stability," she added.
Source: Xinhua
Home >> Business
UPDATED: 12:41, July 23, 2005
EU welcomes China's revaluation of yuan
The European Union (EU) welcomes China's decision to revaluate its currency yuan, viewing it as a step showing "China assuming greater international responsibility," EU officials said Friday.
"This is a welcoming move," said Peter Mandelson, European commissioner for trade, in a statement read by his spokeswoman Claude Veron- Reville at the press conference of the European Commission (EC), the EU's executive arm.
On Thursday, China raised the value of its currency yuan by 2.1percent, untying the peg to the US dollar.
"This is further step of China assuming greater international responsibility and we recognize this," said the statement.
Mandelson, who recently wrapped up a deal with China over textile trade, also said he did not expect "early or significant impact" on the international trade as a result of the yuan's appreciation.
China's decision to lift its currency rate is of vital interest for European countries as the EU is China's number one trading partner and China, the second largest of the 25-member bloc just after the United States,
"The (European) Commission welcomes yesterday's decision," said Pia Hansen, who presided over the EC' press conference, noting that this revaluation was moving "in right direction."
"We believe the shift to a basket of currencies of China's major trade partner provides increased exchange rate flexibility over the medium run," she said.
"The (European) Commission believes that the decision is very much in China's interest in that it would help China's growth in a balanced and stable manner. It should also contribute to better functioning of global economy and contribute to global financial stability," she added.
Source: Xinhua
posted by Eastlaw at Sunday, July 24, 2005
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