RMB＇s Entry into ECB System of Reference Exchange Rates

From April 1, the European Central Bank (ECB) approved to add seven currencies to the system of Reference Exchange Rates Mechanism, among which five are Asian currencies. The system of Reference Exchange Rates was formulated established at the meeting of the Council of ECB Governors in July 1998. According to the meeting, ECB and each country's central bank in euro area are not allowed to set up official order of fixing euro price. However, to