As a necessary step to start addressing global imbalances, the most keenly awaited event in the currency markets finally came to pass in July 2005 - the revaluation of the Chinese renminbi (RMB) when the People's Bank of China (PBoC) finally abandoned its decade long peg of the RMB, placing it under a managed float against an un-specified basket of currencies.
In turn, Mr Dräger will report back to us in Frankfurt on issues that help us to better understand economic and financial developments in Turkey. Another important objective behind Mr Dräger’s secondment to Istanbul is our wish to further strengthen our relationship with the Central Bank of Turkey.