G7 could discuss Chinese Yuan
The EURUSD has managed to strengthen during the day by rising to its present value of 1.3970. The dollar continues to trade sideways with the USDYEN now sitting at 90.50.
Currencies issues are expected to be discussed at this week’s G7 meeting being held within the Canadian Arctic Circle. Some members are indicating that the Chinese Yuan could be included in the discussions that will mainly be centered about global economic recovery.
Certain representatives consider that the Yuan is undervalued and, as such, is providing China with an unfair export advantage. As the G7 has little influence on China, its members will, almost certainly, refrain from direct criticism because they know that subjecting Beijing to any pressure will not have any serious effect.
