At a press conference in Brussels together with Eurogroup chief Jean-Claude Juncker and European Monetary Affairs Commissioner Olli Rehn, Jean-Claude Trichet, President of the European Central Bank, on Tuesday said that China is acting in its own interest in deciding to maintain a flexible exchange rate, instead of allowing for an appreciation of its currency to address imbalances in global trade.
Trichet expressed disappointment with the extent of the yuanâs appreciation since China eased the currency off a two-year peg to the dollar in June.
âIt is not exactly what we would have hoped ourselves,â he said after meeting Chinese Premier Wen Jiabao. Trichet said a further strengthening of the yuan would contribute to âsustainable global growth.â Distributed by Tubemogul.
