beijing — visiting french prime minister francois fillon on tuesday called
fire hose for a more flexible yuan, saying such a policy would help boost domestic consumption in china and resolve global trade imbalances.
the value of the chinese currency, which has effectively been pegged to the us dollar since mid-2008, has been a bone of contention between beijing and its western trading partners, which say it is kept low to boost exports.
"a progressive evolution towards a more flexible exchange rate policy would reduce the dependence of chinese companies on international markets and help support the increased purchasing power of consumers," fillon said in a speech to students at beihang university on the final day of his visit.
in the wake of the global economic crisis, which saw demand for chinese exports plummet, beijing has been trying to revamp its economic policy to make it less dependent on foreign demand and more grounded on domestic consumption.
europe fears the euro's rise against the yuan as a result
fire hose of the dollar peg will hurt eu exports to china and slow the continent's economic recovery.
the european union is china's largest trading partner, accounting for a fifth of the asian giant's total exports.
fillon, answering a question from a student, hailed china's efforts at economic reform, but called for a "more stable, more flexible monetary system that better reflects the reality of our economies".
"it's not normal that an airplane made in europe costs more than one made in the united states, simply because there is a difference of parity between the euro and the dollar that does not correspond to economic and financial reality," he said.
"this is a question of fairness, and of efficiency," he added.
"if we want to oid new crises and new jolts, the priority from now on is to put in place
fire hose an international monetary system that eliminates these extremely dangerous imbalances," fillon concluded.
fillon was to wrap up his visit later tuesday,
wicker basket holding talks with chinese president hu jintao.
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