Daniel Gros, Director of the Centre for European Policy studies
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EU presses China over cheap yuan

China has resisted pressure from eurozone leaders to re-value its currency at the Asia-Europe meeting in Brussels.

European Central Bank president, Jean Claude Trichet and EU Monetary affairs commissioner, Ollie Rehn have held talks with Chinese Premier Wen Jiabao on the sidelines of the ASEM summit.

Europe and the United States have long accused Beijing of deliberately keeping the yuan artificially low to boost exports, causing a significant trade imbalance.

Daniel Gros, Director of the Centre for European Policy studies says a stronger yuan would give Chinese workers ''more purchasing power''.

  • 05 Oct 2010