France and China have agreed to discuss how to work toward easing Beijing's controversial currency controls and making its yuan freely traded, the French finance minister said Friday.
The two governments agreed during a visit this week by President Nicolas Sarkozy to Beijing to work on the issue ahead of a Nov. 20 meeting in France of the Group of 20 major developed and emerging economies, Francois Baroin told reporters.
The United States, the European Union and other trading partners are pressing Beijing to ease controls on its yuan. They complain it is kept undervalued, giving China's exporters an unfair price advantage and swelling its trade surplus.
"We have discussed with our Chinese counterparts and friends the possibility of a path that could enable the yuan to become convertible, reflecting China's commercial and economic weight," Baroin said at a news conference.
Officials would work on "the best ways that will of course conform to the Chinese government's strategy and time line," he said.
Chinese officials say the yuan eventually will be allowed to trade freely and they are gradually expanding its use abroad, including for trade. But Beijing says it will decide the pace of any changes.
About Me
- Marc A. Ross
- Washington, DC, United States
- Marc has an extensive background in business development for companies as well as directing the advocacy operations, communications efforts, fundraising programs and public affairs for nonprofits, corporations and political campaigns for the highest offices in the United States and the United Kingdom. Marc is available for consulting, workshops, panels, interviews, training sessions, advice, commentary and speaking on all things Advocacy 2.0. Marc can be reached via email by sending a note to marc (at) 2ndsix.com or by twitter at @microadvocacy.
