European officials yesterday failed to persuade Beijing to begin strengthening its currency, despite “frank” talks between top officials ahead of today's EU-China summit in the eastern Chinese city of Nanjing.
Scarcely a fortnight after Barack Obama, US president, called on his Asian tour for an appreciation of the renminbi, European officials made similarly little progress toward their goal of easing pressure on European exporters from the weak Chinese currency.
Three of Europe's most senior economic policymakers met Wen Jiabao, China's premier, Zhou Xiaochuan, central bank governor, and other key officials for a mini-summit on the renminbi. After the meeting Jean-Claude Juncker, Luxembourg's prime minister, who chairs eurozone finance minister meetings, said of China's plans to strengthen its currency: “I can't say I am more optimistic than I was before I came here.”