France, China to work together on global monetary reform

28th April 2010, Comments 0 comments

France and China said Wednesday they would work together to consider an overhaul of the global monetary system, at the start of a state visit by French President Nicolas Sarkozy.

"We are going to prepare the French presidency of the G20 well in advance by thinking about a new multipolar monetary order," Sarkozy said in a joint appearance before the media with Chinese President Hu Jintao after their talks.

"We are going to think and work together."

France has helped lead efforts by the G20 grouping to reform world finance and is due to preside over it from November.

Ahead of Sarkozy's arrival on Wednesday, the Elysee had said China has "a growing, decisive, major role. There is no solution without China."

For his part, Hu was quoted by state television as saying the two sides "should hold close consultations and strengthen political coordination on the reform of the international monetary system".

Sarkozy however sidestepped direct comment on the thorny issue of the value of the yuan, which critics say is deliberately undervalued, giving Chinese exporters an unfair advantage by making their products cheaper.

"France's belief is that it is totally unproductive to make accusations against one another. It is far more intelligent to prepare the necessary evolution of the monetary system in the 21st century," the French leader said.

© 2010 AFP

0 Comments To This Article