BRUSSELS (MNI) – Global imbalances must be addressed if a new
crisis is to be averted, and China should contribute by allowing its
currency, the yuan, to gradually appreciate, European Central Bank
President Jean-Claude Trichet said on Monday.
Global imbalances “are largely responsible for the dramatic crisis
we had to cope with at the global level,” and if they are not addressed
“then we would have the best recipe for the next crisis,” Trichet told
the European Parliament.
Vis-a-vis China, “the message is that progressive and orderly
appreciation of the Chinese currency would be both in the interest of
China and the interest of the global economy,” Trichet said.
–Frankfurt bureau. Tel: +49-69-720-142. Email: frankfurt@marketnews.com
[TOPICS: M$$EC$,M$$CR$,M$X$$$,MT$$$$,MGX$$$]
