China needs to consider “reforms” to bring an end to imbalances between its currency and global competitors, the European commissioner for economic and monetary affairs said on Saturday.
“It would be important that China would consider reforms in this regard so we could see a certain rebalancing of the value of the renminbi,” Olli Rehn said following a meeting of EU finance ministers in Spain.
“It would be very important for the global economy and also for the Chinese economy,” the Finn added.
Beijing has long linked its currency, the renminbi or yuan, to the dollar, rather than letting it float as the country’s economy grows.
The US and Europe frequently urge China to revalue the yuan, but so far to no avail.
China last month dismissed calls from US lawmakers for Beijing to be labeled a currency manipulator, saying the value of the yuan was not to blame for global trade imbalances.
A Chinese finance ministry delegation was due to attend a meeting of the Asia-Europe forum alongside Rehn later on Saturday and yesterday, but cancelled owing to the volcanic ash cloud that has shut down much of Europe’s airspace.
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