Remember, the world’s economies want a cheap currency, so the fact that the euro is surging is bad news in the eyes of European economic leaders.
That surge continues today, and that means the continent is coming around to the US’ side on the yuan question.
European officials voiced disappointment today that China didn’t go beyond a June pledge to ease the yuan away from a dollar peg, leaving the euro at the mercy of depreciating currencies in China, the U.S., Japan and Britain.
“If the euro continues to bear a disproportionate burden in the adjustment of global exchange rates, the recovery of the euro-area’s economy might be weakened,” European Union Monetary Affairs Commissioner Olli Rehn told reporters after a Europe- China economic summit in Brussels today.
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