China pledges further RMB exchange rate regime reform

China has been engaging in the exchange rate regime reform of the Renminbi (RMB), or the Chinese yuan, and will continue its efforts to further increase the flexibility of its currency, a high-level official with the People’s Bank of China said here Wednesday on the eve of the Group of Twenty (G20) leaders’ summit. "China will also continue its efforts to transform the mode of its economic development, especially in the aspect of boosting domestic consumption," Zhang Tao, the international department director with the central bank, told a press briefing by the Chinese delegation to the summit. The G20 leaders’ summit, under the French presidency this year, is scheduled to be held on Thursday and Friday in the resort city of Cannes. The summit is widely expected to be dominated by the eurozone’s sovereign debt crisis, especially after Greece’s Prime Minister George Papandreou earlier this week surprisingly decided to put the EU’s latest hard-won bailout package to a referendum.