EU’s Juncker: G7 Happy With Current Forex Levels

Published: April 25, 2009

(Dow Jones) – Eurogroup chairman Jean-Claude Juncker Saturday said the Group of Seven was generally happy with the current level of world currencies, seeing the rates as broadly in line with economic fundamentals.

“The general feeling was that, with some slight exceptions, currencies are now at a level that reflect fundamentals… better than the situation was months before,” Juncker told reporters a day after G7 finance officials met in Washington.

Although Juncker said foreign exchange rates weren’t a subject that was raised during the official G7 sessions, the parties he’d spoken to about it were generally happy with the current levels.

In a statement at the end of their meeting Friday, G7 finance ministers and central bank governors welcomed China’s commitment to make its exchange rate regime more flexible.

Exporters around the world have for a long time complained that China has an unfair trade advantage by keeping the level of the yuan low.

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