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IMF Welcomes China's Decision on Further Exchange Rate Reform 

UPDATE 1-Kazakh Cpper Mine Explosion Kills Three

WASHINGTON, Jun. 21 -- The International Monetary Fund's chief Dominique Strauss-Kahn on Saturday welcomed China's decision to further reform its exchange rate mechanism and said that the move will benefit Chinese consumers.
China's announcement is &quot;a very welcomed development,&quot; Strauss-Kahn said in a statement.
The move &quot;will help increase Chinese household income and provide the incentives necessary to reorient investment toward industries that serve the Chinese consumer,&quot; he said.
The People's Bank of China, China's central bank, earlier on Saturday announced a decision to proceed further with the reform of the exchange rate regime to enhance the flexibility of the RMB's exchange rate.
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