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The reform of China's exchange rate regime is being welcomed around the world. The European Commission says such a move is beneficial for both the Chinese and global economy.
US President, Barack Obama, says the decision is a constructive step to help safeguard the global economic recovery and contribute to a more balanced world economy.
The Canadian Prime Minister, Stephen Harper, who will host the next G20 meeting later this week, also issued a statement, welcoming China's decision.