Philippines welcomes revaluation of Chinese currency

The Philippines has welcomed the decision of China to revalue its currency yuan, which it said would result in an appreciation of the peso.

Local newspaper reports Saturday quoted the President of the Philippine Central Bank Amando Tetangco Jr. as saying on Friday that it is good that China has revalued yuan, which he said will give the Philippines "a better edge" in exporting its goods.

"The peso will also appreciate as a result of the revaluation," he said. "The appreciation in the regional currencies will be in varying degrees."

But he said that the impact of the revaluation of yuan on the Philippines will be limited, and imported Chinese goods will be more expensive.

China increased the exchange rate of the yuan against the US dollar by some 2 percent on Thursday.

Source: Xinhua