In June 13Th, ECB Officials Approved China'S Exchange Rate To Join Hands With The United States On China.

Pressure on the RMB exchange rate has become "chorus" in Europe and America in recent days.

According to Reuters news June 12th, Lorenzo Bini Smaki, member of the Executive Board of the European Central Bank, said 11, China's current exchange rate policy is "rigid" and is slowing down the recovery process of developed countries. He hopes that Europe and the United States will solve this problem together.

Reported that Smaki said that the international financial imbalance is amplifying the degree of imbalance in the pace of economic recovery.

China's "rigid" monetary policy is slowing down the adjustment of competitiveness and the recovery of developed countries.

He also said that in this respect, Europe and the United States share common interests. If Europe and the United States cooperate in this area, "the hope that China will make exchange rate reform will become bigger" by formulating strategies together.

Earlier, at the hearing of the US Senate Finance Committee, a number of US Congressmen spoke for the appreciation of the renminbi.

But Geithner, the US Treasury Secretary, said that the reform of the RMB exchange rate is crucial to the United States and the global economy, and is also in China's own interests.

But the renminbi is a sovereign currency and its exchange rate system is determined by the Chinese government.