Sarkozy to China: Let the Yuan Appreciate

By November 26, 2007Energy, Trade

Nicolas Sarkozy, president of France, upon meeting with Chinese President Hu Jintao.

Sarkozy also called for the yuan to appreciate faster, reiterating calls by many Western nations that are trying to deal with a widening trade imbalance with the Asian powerhouse.

“We need to arrive at currency rates that are harmonious and fair and that will benefit the global economy,” he said.

“This means that, for its own sake as well, China needs to accelerate the appreciation of the yuan against the euro.”

This is a Sarkozy still politically ascendant after the transit strike falls apart.

Although the NAM’s utility infielder, Keith Smith of the policy shop, says the U.S. media may be overselling the victory. Traveling in France, Keith e-mails:

I got into Paris around 6am local time on Sunday and was able to relax a bit during the day to take in the sites. I thought that there would be some visible impact after the big transportation strike, but it seems like its a distant memory already. Many French folks have claimed that although the strike may seem long (more than a week!) to Americans its really nothing to the French. I’ve in US media how it was described as a major victory for Sarkozy’s new govt, but here the perceptions are that concessions were made on both sides.

Bon voyage, Keith.

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