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France's Moscovici to discuss exchange rates on China visit
January 6, 2013 / 7:25 PM / in 5 years

France's Moscovici to discuss exchange rates on China visit

PARIS, Jan 6 (Reuters) - French Finance Minister Pierre Moscovici said on Sunday he would discuss Chinese foreign exchange policy when he meets officials during the first visit by a French minister since China changed leadership late last year.

Moscovici, who will be on a two-day trip to China from Monday, also told France Inter radio he would try to convince China that France remained an attractive market for its investors.

Western economies led by the United States say China is gaining a competitive edge over their manufacturers by keeping the yuan, also known as the renminbi, weak to boost exports.

”I will speak about this subject with the Chinese authorities because it is serious,“ Moscovici said. ”We shouldn’t be taken for fools or remain passive. We must also be in this monetary debate...

“This question is not taboo and we also have no interest in the euro being over-valued,” Moscovici said.

In 2012, the yuan appreciated 1 percent against the dollar, less than analysts had forecast at the start of last year. Furthermore, many mainstream economists and foreign exchange traders say the slow appreciation is by no means certain to continue.

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