G7 pressures China on RMB
12 February 2007
Finance ministers and central bankers from the Group of Seven said China needs to further revalue the RMB and pay greater attention to its rising trade surplus, AP reported. Representatives from the world's wealthiest countries, meeting in Germany, agreed that despite solid growth in the industrialized world, China's imbalanced trade was having an adverse effect on the global economy. China continues to control its currency by increasing its foreign exchange reserves, which now top US$1 trillion, and by setting the daily limit by which the RMB can fluctuate. The ministers also agreed that the need for greater efficiency and diversification in energy resources was a top priority for the entire world.