PRESS RELEASE

Joint press release by the ECB and the Eurogroup on reforms of the exchange rate regime of the Renminbi

20 June 2010

The European Central Bank (ECB) and the President of the Eurogroup Jean-Claude Juncker welcome the decision of the People´s Bank of China to further reform the exchange rate regime of the Renminbi and to enhance the flexibility of the RMB exchange rate.

The euro area continues to have a clear interest in a strong and stable international financial system, as excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability.

Given China's important role in the global economy, we encourage the authorities to allow for greater flexibility of the RMB effective exchange rate as a means of promoting balanced growth in China and in the world economy.

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