CHINA / National

    EU backs China's gradual yuan moves
    (Bloomberg)
    Updated: 2006-04-04 07:36

    The European Commission backed China's policy of switching to a more flexible exchange-rate system at its own pace, rebuffing U.S. calls for faster steps to boost the yuan, according to a confidential document.

    The commission, the European Union's Brussels-based economic watchdog, warned that sudden moves to strengthen the Chinese yuan as demanded by some U.S. officials could further weaken the dollar against the euro.

    "China should introduce greater exchange-rate flexibility in a gradual manner," according to a document obtained by Bloomberg News. A gradual move would lessen the risk of the dollar, euro and Japanese yen "overshooting" on the markets.

    The U.S. is pushing for a more flexible exchange-rate system to boost American exports and erode the U.S. trade gap with China. U.S. officials complain that China keeps the yuan, a denomination of the renminbi, artificially depressed so Chinese products are cheap in the marketplace.

    The yuan has appreciated 1 percent against the dollar since China on July 21 replaced a decade-long peg to the dollar with a basket of currencies and let its exchange rate rise 2.1 percent immediately.

    No. 1 Customer

    The U.S. is the biggest market for the 12 European countries using the euro. European exports of 184.8 billion euros ($223 billion) to the U.S. last year dwarfed exports to China of 43.5 billion euros. Europe's trade deficit with China, at 74.1 billion euros in 2005, was less than half the U.S. level.

    "An abrupt de-pegging of the renminbi, and possibly other Asian currencies, from the dollar could give rise to a sudden reversal of Asian capital flows into the U.S., which might risk an excessive additional downward movement of the dollar against the euro," said the commission document, which was prepared for an April 6 meeting of European finance ministers in Vienna.

    Finance chiefs from Asian countries including China and Japan will meet the EU ministers on April 7 and 8.

    "The Europeans are concerned that should China allow more appreciation in the yuan that we could see an acceleration of dollar weakness, and that could spill over into major markets, and we could see European currencies strengthening," said Sabrina Jacobs, a currency strategist at Dresdner Kleinwort Wasserstein in London.

    The euro bought $1.2063 at 3:15 p.m. Brussels time, compared with an average of $1.2453 last year.
    Page: 123

     
     

    最近中文字幕高清中文字幕无 | 特级做A爰片毛片免费看无码 | 国产成A人亚洲精V品无码| 狠狠干中文字幕| 少妇极品熟妇人妻无码| 夜夜添无码一区二区三区| 精品久久久久久中文字幕人妻最新| 无码免费一区二区三区免费播放| 无码国产精品一区二区免费虚拟VR| 久クク成人精品中文字幕| 国产成人无码a区在线视频| 亚洲午夜福利AV一区二区无码| 中文字幕在线观看免费视频| 亚洲乱亚洲乱少妇无码| 精品无码国产污污污免费网站 | 红桃AV一区二区三区在线无码AV| 亚洲av综合avav中文| 亚洲成av人片不卡无码久久| 本免费AV无码专区一区| 无码137片内射在线影院| 国模无码人体一区二区| 国内精品久久久久久中文字幕| 一本大道久久东京热无码AV | 亚洲AV无码成H人在线观看| av区无码字幕中文色| 色窝窝无码一区二区三区成人网站| 中文字幕无码精品亚洲资源网久久| 日韩中文在线视频| 日本不卡中文字幕| 亚洲欧美日韩中文字幕在线不卡| 亚洲va中文字幕无码久久不卡| 人妻无码αv中文字幕久久| 亚洲AV中文无码乱人伦下载| 中文资源在线官网| 亚洲精品无码久久久| 亚洲人成无码久久电影网站| 久久无码一区二区三区少妇 | 天堂√中文最新版在线下载| 亚洲AV区无码字幕中文色| 中文字幕欧美日韩在线不卡| 中文字幕在线观看日本|