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Currency war clouds EU-China summit
Date 06/10/2010 13:19  Author webmaster  Hits 873  Language Global
06 OCT 2010

EurActiv

European policymakers yesterday (5 October) pressed China for a faster appreciation of its currency to help rebalance the world economy, as fears grow over a global currency war.

Three top eurozone leaders urged Chinese Premier Wen Jiabao to stand by his June vow to make the yuan more flexible.

The United States and the European Union accuse China of keeping the yuan artificially low to boost exports, undermining jobs and competitiveness in Western economies.

"China's real effective exchange rate remains undervalued," said the chairman of the euro zone's finance ministers, Jean-Claude Juncker, after talks with Wen Jiabao on the sidelines of an EU-Asia summit in Brussels.

He said the 16-nation European currency area had urged an "orderly, significant and broad-based appreciation" of the yuan.

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