EUROZONE TO TARGET CHINA CURRENCY REFORM

  • big-banner-ad_2-sean
  • Print
  • 2toner1-2
  • 05 02 2016 429716a-cig-clearchoice-banner-902x177
  • futor_902x177v7-tonernew
  • toner-news-big-banner-nov-8
  • 161213_banner_futorag_902x177px
  • mse-big-banner-new-03-17-2016-416716a-tonernews-web-banner-mse-212
  • facebook-tonernews-12-08-2016
  • cartridgewebsite-com-big-banner-02-09-07-2016
  • 536716a_green_sweep_web_banner_902x17712
  • 4toner4
Share

EUROZONE TO TARGET CHINA CURRENCY REFORM

 user 2007-10-09 at 10:55:00 am Views: 42
  • #18980

    Eurozone heads target yuan reform
    Eurozone ministers have called for China to reform its currency, saying it is too low in value.
    The
    ministers were gathering in Luxembourg ahead of a key meeting of the G7
    nations later in October.While the US has long been a critic of China’s
    currency policy because it says a weak yuan harms exports of US goods,
    Europe has not been as vocal.The eurozone group said emerging countries
    - “especially China” – needed to change their exchange rates.

    ‘Necessary adjustments’
    Analysts
    had seen the Luxembourg meeting as a test of how much the ministers
    could reach a consensus in advance of the G7 talks.”In emerging
    countries with large and growing current account surpluses, especially
    China, it is desirable that their effective exchange rates move so that
    necessary adjustments occur,” the ministers said.In laying out the
    priority of topics under discussion, Luxembourg Prime Minister
    Jean-Claude Junker, who chaired the meeting, said: “First point China,
    second point dollar, third point Yen.”Later on Jean-Claude Trichet,
    President of the European Central Bank (ECB), confirmed that he and
    Monetary Affairs Commissioner Joaquin Almunia would travel to China in
    the coming months to talk directly to the Chinese government about the
    yuan.”We will engage in dialogue with the Chinese authorities to
    discuss macroeconomic policies, ” said Mr Trichet, speaking to the
    European Parliament.Earlier this year, a US Senate committee supported
    plans to give its government new powers to counteract the impact of the
    low yuan, to better protect trade and workers.The G7 meeting, which
    will include the US, Japan, Canada, Britain as well as eurozone nations
    France, Germany and Italy is scheduled for 19 October.