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G7 calls for faster yuan appreciation

WASHINGTON
Fri Oct 19, 2007 6:23pm EDT
In this file photo a staff member counts Chinese Renminbi banknotes at a branch of the Bank of China in Suining, in southwest China's Sichuan province July 21, 2007. A draft of a statement to be released on Friday by finance officials from the Group of Seven major world economies calls for the value of China's currency to rise more quickly, Dow Jones news said, citing a source. REUTERS/Stringer

WASHINGTON (Reuters) - The Group of Seven rich nations on Friday called on China to let its yuan currency rise in value more quickly, in a statement that contained no reference to the weakness in the U.S. dollar.

"We welcome China's decision to increase the flexibility of its currency, but in view of its rising current account surplus and domestic inflation, we stress its need to allow an accelerated appreciation of its effective exchange rate," G7 finance ministers and central bankers said in a communique.


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