Dáil Éireann - Volume 603 - 31 May, 2005
Written Answers. - Diplomatic Representation.
Mr. Boyle Mr. Boyle
225. Mr. Boyle asked the Minister for Finance if the Government has made any representations to the Chinese authorities regarding the revaluation of the yuan; and if he will make a statement on the matter. [18350/05]
Mr. Cowen Mr. Cowen
Mr. Cowen: The Government has not made any representations to the Chinese authorities regarding the revaluation of the yuan. As Minister for Finance, I do not comment on any particular exchange rate of the euro or other currency. However, I would endorse the statement made by Mr. Jean-Claude Juncker, the Prime Minister of Luxembourg in his capacity as chairman of the EU ECOFIN Council to the spring 2005 meeting of the IMF international monetary and financial committee on 16 April in Washington:
Excessive volatility and disorderly movements in exchange rates are undesirable for economic growth. In particular, sharp moves of exchange rates are unwelcome and not conducive to orderly adjustments of external balances. All major countries and economic areas must play their part more actively in reducing global imbalances by putting in place the appropriate economic policies. A smooth and orderly appreciation of the exchange rate of some Asian emerging countries is needed.
Dáil Éireann 603 Written Answers. Diplomatic Representation.