Brazil's Central Bank welcomes revalutation of Chinese yuan

Brazilian Central Bank President Henrique Meirelles on Thursday hailed the revaluation of Chinese yuan, saying the move is "positive" for China's economy.

"China starts moving in the direction of a greater revaluation of markets," said Meirelles.

The move is positive for the Chinese economy for it will allow a lower rigidity in the management of China's exchange policy, the Brazilian Central Bank president said.

He regarded the revaluation of the Chinese yuan as "the first step towards a more extensive currency-exchange reform."

"There are no doubts that the Chinese market is open," said Meirelles.

The People's Bank of China announced on Thursday that it will let the yuan fluctuate against a basket of currencies instead of the US dollar. The yuan will appreciate by some 2 percent from 8.28 to 8.11 per dollar.

Source: Xinhua