Falling yuan and dollar worry Europe

For several weeks euro kept on rising, while both the dollar and the yuan have fallen.

Eurogroup chief Jean-Claude Juncker said he, European Central Bank boss Jean-Claude Trichet and EU economic and monetary affairs commissioner Joaquin Almunia would now turn their sights on Beijing before the year is out.

“It is foreseen that the three of us will travel to China before the end of this year and discuss the exchange rate policy,” said Juncker, without giving any detail as to what message they would carry.

In New York, the dollar again traded lower late Monday, the euro rising to 1.4958 dollars at 2100 GMT from 1.4903 dollars late in New York on Friday.

The European Commission reckons that appreciation in euro value against the dollar of 10 percent in real terms would see exports fall by around 2.5 percent within two years.

Source : Konaxis

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