April 14, 2012 / 6:19 PM / 8 years ago

IMF welcomes China's currency changes

WASHINGTON (Reuters) - The International Monetary Fund welcomed China’s move on Saturday to double the size of its trading band against the dollar, and said it would help the country rebalance its economy.

“I would like to welcome this important step by the People’s Bank of China to increase the flexibility of their currency,” IMF managing director Christine Lagarde said in a statement.

“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.”

Reporting by Lesley Wroughton and Deborah Charles; Editing by Vicki Allen

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