French FM Meets Chinese Officials Seeking Yuan Rise

Posted September 13th, 2011 at 1:45 am (UTC-5)
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French Foreign Minister Alain Juppe is meeting Tuesday with Chinese leaders in Beijing for talks expected to focus on Europe's desire to see the Chinese currency appreciate more quickly.

Juppe held morning talks with Chinese Foreign Minister Yang Jiechi and was expected to meet in the afternoon with Premier Wen Jiabao. The talks are aimed at preparing for a G-20 summit to be held in France in November.

On his way to Beijing, Juppe said he would press Chinese leaders on the yuan because a stronger Chinese currency would bolster the euro. The European common currency is in danger of collapsing under the massive debt incurred by weaker members of the European Union.

China has allowed its currency to rise by almost 7 percent since June 2010, in part to reduce its rate of inflation. But U.S. and European officials say it should rise much more quickly. They say China artificially depresses the yuan to gain an unfair trade advantage.