Revalue Renminbi to Rebalance Trade, Says EU – Tony Barber

From The Financial Times:

China should revalue the renminbi to boost domestic demand, remove obstacles to banking reform and cool an overheating heavy industry sector, Peter Mandelson, the European Union ‘s trade commissioner, said on Thursday.

In a speech in Washington that highlighted the EU’s growing concern over China’s currency management and commercial practices, Mr Mandelson said that the EU’s trade deficit with China was growing by $20m every hour and would “catch up with the US-China trade deficit in the next year or so”. [Full Text]

See also: China’s Hint on Euro Drives Stocks, Dollar Down from Washington Post.

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