OECD Secretary-General pleased by China move

OECD Secretary-General Donald Johnston made a statement in reaction to China's announcement Thursday 21 July to remove its currency's fixed peg to the US dollar.

"I am very pleased to learn that China is moving ahead with exchange rate system reform, replacing the fixed peg to the US dollar by a managed float based on a basket of currencies. The OECD applauds this measure as an important step towards giving China's economy the flexibility needed to support rapid and sustainable growth and cont

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