Yuan re-evaulation
Yuan re-evaulation
Published: 04:19 am Nov 30, 2009
NANJING: China’s Premier Wen Jiabao kicked off a meeting with top EU finance officials on Sunday in talks expected to focus on long-running rancour over the yuan currency’s exchange rate. Eurogroup chief Jean-Claude Juncker, European Central Bank head Jean-Claude Trichet and EU economic and monetary affairs commissioner Joaquin Almunia were expected to renew calls for China to revalue the yuan during the talks. The Chinese currency has been effectively pegged to the dollar since the summer of 2008, and Europe fears the euro’s rise against the yuan will hurt EU exports to China and slow the continent’s economic recovery.