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[Exclusive Interview] Depreciation pushes RMB an international currency: EUCCC

2015-October-28       Source: Newsgd.com

“This depreciation is in line with opening more to the market, which is what we, the European companies, wish would happen in the future.” Mr. Vettoretti said.

Mr. Alberto Vettoretti was interviewed by Newsgd.com. (Photo/Xiaowen)

Mr. Alberto Vettoretti was interviewed by Newsgd.com. (Photo/Xiaowen)

“We see this (the depreciation of RMB) a very favorable light under the fact that the RMB will eventually, together with English pounds, US dollars, the Euros and Japanese Yen, become an international currency, used as a reserve, which is what the Chinese government wants.” Mr. Alberto Vettoretti, Chairman of South China Chapter of European Union Chamber of Commerce (EUCCC) expressed his opinion on recent RMB devaluation throughout the exclusive interview with Newsgd.com.

“This depreciation is in line with opening more to the market, which is what we, the European companies, wish would happen in the future.” He said.

Mr. Alberto Vettoretti was interviewed by Newsgd.com. (Photo/Xiaowen)

Mr. Alberto Vettoretti was interviewed by Newsgd.com. (Photo/Xiaowen)

A surprisingly sharp devaluation of the yuan in August, which rocked global markets, increased skepticism about China's real economic situation, with some critics alleging the move was intended to boost exports.

For the European companies in Guangdong, Vettoretti said the depreciating is under the chamber’s expectation, he said it’s something that industry was ready for.

“If you look at the appreciation of other currencies, the fact that the devaluation of 4%, I think it’s quite minimum compared to the appreciation of the RMB over the past 20 years, against the Euro, against the USD” Vettoretti said.

 


Chinese Premiere Li Keqiang met with former U.S. Secretary of the Treasure Henry Paulson in Beijing, Oct.22. (Photo/Xinhua)

Xinhua recently reported Chinese Premiere Li Keqiang meeting with former U.S. Secretary of the Treasure Henry Paulson on Oct. 22, saying China has improved the way it calculates the RMB central parity rate in response to international financial market development. He also added there is no basis for long-term depreciation of the RMB.

In the exclusive interview with Newsgd.com, Mr Vettoretti believed the RMB will be more open to the international market. “So we actually see this as a positive step towards the internationalization to the RMB which is also been pushed by the Pilot Free Trade Zone, the Asian Investment Bank as well as the One Belt One Road Initiatives. All going towards the same direction, which is making the RMB an international currency.”

Click here to see the full interview with Mr. Vettoretti

[Exclusive Interview] EU companies in Guangdong well-prepared for rising labor cost

Editor: Chan

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