European finance ministers called on authorities in Beijing to allow the yuan to appreciate against the euro and officials will travel to China later this year to discuss the matter with their counterparts.
``In emerging economies with large and growing current- account surpluses, especially China, it is desirable that effective exchange rates move so that necessary adjustments will occur,'' Luxembourg Prime and Finance Minister Jean-Claude Juncker told a press conference in Luxembourg today, reading from a statement.
Juncker, who chaired the meeting, will travel to China with European Central Bank President Jean-Claude Trichet and European Union Monetary Affairs Commissioner Joaquin Almunia.
Juncker went on to say that finance ministers and policy makers ``noted with great attention that U.S. authorities have reaffirmed that the strong dollar is in the interests of the U.S. economy.'' Investors in the yen should also take into account that Japan's economy is ``on a sustainable recovery path,'' he said.
Juncker drew reporters' attention to the order in which he listed the euro region's foreign-exchange priorities.
``We note that the euro area is playing its role for an orderly reduction of the imbalances by implementing structural reforms and contributing to a rebalancing of growth,'' he said.
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