Sarkozy pushes for tougher EU forex policy
23 July 2007
French President Nicolas Sarkozy will be pushing for a tougher European Union exchange-rate policy for China this fall, the Financial Times reported. French officials said they would raise their concerns with European Central Bank president Jean-Claude Trichet before an EU-China summit in November. President Sarkozy has argued that the yuan is deliberately undervalued to make Chinese exports more competitive, hurting French exporters. His efforts to implement a more aggressive policy have met with resistance from Trichet and other EU members like Germany so far. Legislators in the US are also debating the same issue, with several bills aimed at labeling China a "currency manipulator" up for review.
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