(MENAFN- Kuwait News Agency (KUNA)) The EU Tuesday welcomed the decision of the People's Bank of China to devalue the yuan by 1.9% as a positive step.
"As a principle the Commission shares the view that the value of any currency should be determined by economic fundamentals," a spokeswomen for the European Commission Annika Breidthardt told journalists.
"The changes announced over night reflect a shift in the operating regime allowing the daily fix to better reflect the balance to demand and supply in the foreign exchange market," she said.
"We consider that this is a positive development," added the spokesperson.
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