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China should let yuan appreciate: EU's Rehn

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Sat Apr 17, 2010 8:17am EDT

(Reuters) - China should let its yuan currency appreciate to help ease imbalances in the global economy, European Economic and Monetary Affairs Commissioner Olli Rehn said on Saturday.


The yuan, or renminbi, is pegged to the U.S. dollar and European policymakers generally believe it is undervalued, giving China a trade advantage and creating savings and trade imbalances across the globe.

"We are of the opinion that it would be important that China would consider reforms in this respect so that we could see a certain rebalancing in the value of the renminbi," Rehn told reporters after a meeting of EU finance ministers.

"It would be very important for the global economy and also for the Chinese economy. It is one of the issues that is very strongly on the global agenda -- it is a matter of agreeing at first at the G20 and we are in the process of doing this."

In notes prepared for EU delegations for a meeting of finance ministers and central bankers from the Group of 20 countries in Washington on April 23, the EU calls for more yuan appreciation.

"China will have to remove obstacles to stronger domestic consumption: this may include a more extensive social safety net, measures to reduce corporate retained profits, and financial market and supervisory reforms. This should also be accompanied by an effective real appreciation of the renminbi," the document on the common EU position said.

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China is not going to appreciate thier currency it would undermine the trade base they bank on. They know America wants to start exporting more and if they give an inch we will take much more than a mile.

I would love nothing more than to see The US back in full swing Steel,Cars,tractors, Food,TV's,Washers7dryers,& all the other things that had made in the USA mean you just bought the best.

Now even though we are the most produtive work force the world has ever known.Jobs get cut and still production goes up.

We are up aginst greed like the world has never seen before.People say that the people of the US won't do a thing,it's just we are not sure what to do.Unions get weaker the fed gets stronger taxes go higher and the rich gets richer,and the whole time the middle class gets smaller.

What can we do? Do not buy from Wal-Mart any more than you have to.Go to the Ma & Pa hardware store.Grow some veggies in a small garden.Stay home and watch a movie.Save on gas build a supply after all who can run up nand down the road at almost 3 bucks a gal.

Do not look for China to do a thing they starve the people of thier own country to make a buck.Do not look for the US gov to save your butt they are bought and paid for and not by our blood and vote but by the old mighty dollar.

Save your self and your own buy american when you can.Save gas where you can,GET OUT of DEBT as soon as you can!!!!! The American dream was a lie born to make slaves of the people of the USA and get rid of the strength of commuinity. Like the one we have here if only 10 people read this and hear it and tell 10 more and so on. We will have done just what Hoover wanted to stop.

Edited by brookie
miss spell
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