G7 calls for more flexibility in Chinese currency
G7 finance chiefs on Saturday called on China to allow faster appreciation of its currency, the yuan, to try to ease global economic imbalances.
By Agencies |
TOKYO: Group of Seven (G7) finance chiefs on Saturday called on China to allow faster appreciation of its currency, the yuan, to try to ease global economic imbalances.
"We welcome China's decision to increase the flexibility of its currency, but in view of its rising current account surplus and domestic inflation, we encourage accelerated appreciation of its effective exchange rate," the G7 ministers said in a joint statement after talks here.
They also reiterated their well-worn remarks that foreign exchange rates should reflect fundamentals and that excess volatility is undesirable, but made no mention of the weakness of the dollar despite European concerns.
"We welcome China's decision to increase the flexibility of its currency, but in view of its rising current account surplus and domestic inflation, we encourage accelerated appreciation of its effective exchange rate," the G7 ministers said in a joint statement after talks here.
They also reiterated their well-worn remarks that foreign exchange rates should reflect fundamentals and that excess volatility is undesirable, but made no mention of the weakness of the dollar despite European concerns.
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