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Germany Presses China: Let Yuan Rise

Monday, 01 Nov 2010 01:31 PM

Germany supports urging China to let the yuan appreciate gradually, the German government said in a position paper for next week’s meeting of Group of 20 leaders.

Participants are likely to discuss “politically directed exchange rates,” including the Chinese currency, at the Nov. 11-12 summit in Seoul, South Korea, according to the document shown to reporters today. China should let the yuan appreciate “in stages,” the paper said.

China is being urged by major trading partners including the U.S. and Europe to let its currency appreciate faster. China has curbed the yuan’s rise to about 2 percent against the dollar since a June pledge to introduce more flexibility, arguing that sudden appreciation could cause social and economic disruption.

Proposals to give the International Monetary Fund a bigger role in providing a “financial safety net” for future crises are also on the agenda, the German paper said. Germany is “very skeptical” about giving the IMF greater powers, it said.

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Germany supports urging China to let the yuan appreciate gradually, the German government said in a position paper for next week s meeting of Group of 20 leaders.Participants are likely to discuss politically directed exchange rates, including the Chinese currency, at the...
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