G8 calls for Beijing currency changes

Leaders of the Group of Eight industrialised nations have made a veiled call for China to let the yuan’s tightly controlled exchange rate appreciate.

On the second day of the group’s three-day annual summit they issued a statement saying that is necessary for “some emerging economies” to adjust their exchange rates to help reduce global financial imbalances.

European Commission President Jose Manuel Barroso said “We would like to see cooperation on the Chinese side regarding the exchange rate of their currency, mainly against the euro.”

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