Ottawa, July 21, 2005

Archived - Goodale Welcomes Announcement on Chinese Exchange Rate Change

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Minister of Finance Ralph Goodale today issued the following statement in response to the Chinese government's decision to adopt a more flexible exchange rate for its currency:

The Government of Canada welcomes China's decision to move to a more flexible exchange rate regime.

Canada and the rest of the G7 have been saying for some time that increased flexibility in the Chinese exchange rate would benefit the Chinese economy and would contribute to greater stability in the global economy. Today's announcement makes it clear that the Chinese authorities agree.

It remains to be seen exactly how the new system will work and how much flexibility it will provide. But this is an encouraging first step.

For further information, media may contact:

John Embury
Director of Communications
Office of the Minister of Finance
(613) 996-7861

David Gamble
Public Affairs and Operations Division
(613) 996-8080

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