EU ministers up pressure on yuan revaluation
13 November 2007
European finance ministers again voiced their displeasure about the yuan's valuation ahead of a delegation being sent to Beijing, Bloomberg reported. The officials, meeting in Brussels, said Europe is bearing the brunt of the US dollar's continued descent and that China should help by letting the yuan appreciate more. Luxembourg's finance minister Jean-Claude Juncker, EU Commissioner Joaquin Almunia and European Central Bank President Jean-Claude Trichet will arrive in Beijing in two weeks to ask for a yuan revaluation from Chinese officials. The yuan has dropped 4% against the euro this year, although it has gained 5% against the dollar in the same period. European finance ministers also pressured China on the yuan in October, during the G-7 summit.