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Bal Krishna Toronto, Jun 20 (PTI) Chinese government''s decision seeking a more flexible exchange rate on the eve of G-20 Summit has been welcomed by Canada observing it will help lead to more balanced and sustainable global economic growth. In an e-mail statement, Canadian Prime Minister Stephen Harper said yesterday he welcomed China''s announcement that it will allow more flexibility in its currency, calling it "an important step forward." Harper said that full implementation of the increased flexibility would "contribute to strong, sustainable and balanced global growth." The Canadian Prime Minister also said he is looking forward to "additional steps by G-20 countries at the Toronto summit to improve the economic prospects of all of our citizens." Harper will host a meeting of leaders from the Group of 20 nations in Toronto next week. "This was an important step forward and its full implementation would contribute to strong, sustainable and balanced global growth. We look forward to additional steps by G20 countries at the Toronto summit to improve the economic prospects of all of our citizens", he added. China''s central bank announced it would further promote reform of its exchange rate mechanism, but maintained there was no basis for "large swings" in the currency.
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