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EU fails to win Chinese commitment to revalue currency
Published in Saudi Press Agency on 29 - 11 - 2009


The European Union failed today to win a
commitment from China for an "orderly and gradual appreciation" of
its national currency, the yuan, according to dpa.
Talks between a trio of EU financial leaders, Chinese Premier Wen
Jiabao and the Chinese Central Bank and Foreign Ministry chiefs ended
without agreement on the issue.
"I can"t say that I am more optimistic than I was before," said
Euro Group president Jean-Claude Juncker after the discussions in the
eastern Chinese city of Nanjing.
"An orderly and gradual appreciation would be in the interest of
China and the global economy," said Juncker, who is also prime
minister of Luxembourg.
He said the talks, a day ahead of a China-EU summit in the city,
were "friendly, but also frank."
European Central Bank president Jean-Claude Trichet, who also took
part in the talks, said a realignment of the yuan would help
eliminate global economic imbalances and benefit the Chinese economy.
Europe believes the Chinese currency is overvalued, which makes
EU exports to China more expensive and keeps the price of Chinese
goods sold in Europe artificially low.
China has more or less pegged its currency to the US dollar since
the middle of 2008, but the euro has increased in value against the
yuan around 20 per cent since the beginning of 2009.
US President Barack Obama also failed to persuade China to revalue
the currency when he visited Beijing earlier this month.
Such a move would hit Chinese exporting companies, who have
already taken a knock asa result of the drop in demand due to the
global economic crisis.
Juncker said the EU was not pressing for an immediate, short-term
revaluation of the yuan, but wanted to see China take a phased
approach and adopt a more flexible exchange-rate policy.
But it was necessary to correct the misalignment between the
Chinese currency and the euro, he said.
"We insisted on the need to bring global imbalances into a more
calibrated situation," said Juncker.
The Chinese premier called the meeting with the Euro Group leaders
"constitutes an important part of dialogue mechanism between China
and the EU," China"s biggest trading partner.
At their summit on Monday, China and the EU will discuss Sino-EU
relations, and major global issues, including economic recovery and
climate change.
Taking part for the European side are EU Commissioner Jose Manuel
Barroso, and Swedish Premier Minister Fredrick Reinfeldt, whose
country holds the rotating presidency of the 27-member bloc.


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