Trichet to press Beijing for stronger yuan

Berlin - European Central Bank chief Jean-Claude Trichet said Friday he plans to raise again with Chinese authorities the benefits of a stronger yuan when he visits Beijing next month for the Olympic Games.

In an interview with four European newspapers, Trichet said the message to Beijing would be "we appreciate the rise of the yuan but we consider that an acceleration of the appreciation will be in the interest of all parties concerned."

He said that this had been clearly set out in the communique from this month's summit of the Group of Eight leading industrial nations in Japan.

"In my eyes, the acceleration of the appreciation of the yuan would be in the interest of the Chinese partners themselves, because it will help to diminish inflationary tensions in China," the ECB chief said.

"It would also be part of a rebalancing between domestic consumption and exports, which are an important element in the strategy of China, and it would be part of the modernization of the policy instruments available in the Chinese economy.

"But we have also always said that this is the responsibility of the Chinese authorities. We will continue to discuss with our partners, respecting their own responsibilities and explaining our own positions," he said. (dpa)