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Brazil’s central bank welcomes China yuan move

June 21st, 2010

China's yuan

Brazil’s Central Bank on Sunday welcomed China’s move to boost flexibility of the yuan exchange rate, saying the decision showed China’s willingness to help the global economy.

China announced on Saturday that it would resume making the yuan more flexible, signaling that it was ready to break a 23-month-old peg to the dollar that had come under intense international criticism.

“The announcement by the Chinese central bank regarding greater fluctuation of the yuan, is welcome,” Central Bank President Henrique Meirelles said in a terse statement.

“It shows the disposition of the Chinese government to contribute to greater global economic equilibrium. But we need to wait to see what the effects will be.”

Analysts believe China announced the decision in part to reduce tensions at the upcoming Group of 20 meeting of nations in Canada following months of pressure from Washington and charges from around the world that it was manipulating its currency to favor its export sector.

China is Brazil’s largest trading partner, importing large amounts of commodities including soy, petroleum and iron ore. (Reporting by Isabel Versiani, Writing by Brian Ellsworth, editing by Marguerita Choy)

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