Zhou Xiaochuan, governor of the People’s Bank of China, promised "a proactive fiscal policy and a relatively easy monetary policy" in order to maintain China’s recovery in an uncertain global economic climate, Bloomberg reported. The Chinese economy expanded 11.9% in the first quarter of 2010 and Zhou said "stable and relatively rapid" growth would continue this year. Speaking at an IMF meeting, he urged developed nations to "restore fiscal discipline as quickly as possible," arguing that these countries pose the primary risk to the global economy. The renminbi was notable in its absence from public statements made at the IMF meeting and at G20 gathering attended by Finance Minister Xie Xuren. US Treasury Secretary Timothy Geithner simply said he believed China would decide that currency reform is "in their interest." Olli Rehn, EU commissioner for economic and monetary affairs, and Brazilian Central Bank Governor Henrique Meirelles both said that a more flexible exchange-rate regime would help rebalance the global economy.
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