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U.S. markets recover from steep losses
LUXEMBOURG , Oct. 9 (UPI) -- Eurozone ministers said they would press China to let its currency float more freely instead of holding the yuan stable against a number of currencies.
Such a policy doesn't adequately reflect the basic strength of the Chinese economy, the finance ministers expressed Monday during a meeting in Luxembourg, the EU Observer said reported Tuesday.
"It is desirable that effective exchange rates move so that necessary adjustments will occur," the 13-member group chairman and Luxembourg prime minister Jean-Claude Juncker said n a statement.
The ministers agreed to send a delegation of Juncker, European Central Bank President Jean-Claude Trichet and EU Monetary Affairs Commissioner Joaquin Almunia to China by the end of the year.
Meanwhile, the ministers discussed but couldn't reach consensus on the euro's strength against the U.S. dollar. European officials are scheduled to meet their U.S. counterparts Oct. 19 in which the euro-dollar situation likely will be discussed, the publication reported.
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