Brussels, 24/07/2008 (Agence Europe) - “Exchange rates are a real problem,” said Economic and Monetary Affairs Commissioner Joaquin Almunia in comments picked up by Italian daily La Repubblica on Thursday 24 July. “The euro is overvalued, while other monies that have an official exchange rate, like the Chinese yuan, are clearly undervalued. Moreover, there is the risk of another fall in the dollar,” he added. The euro is currently valued at around $1.57, after going above $1.60 last week
After visiting China in November of last year, Commissioner Almunia, Eurogroup President Jean-Claude Juncker and President of the European Central Bank (ECB) Jean-Claude Trichet intend to hold a further meeting with Chinese Authorities “before the autumn” to discuss exchange rate policy. (A.B./transl.rt)