Sarkozy to meet China's Hu on G20 reform

24th January 2011, Comments 0 comments

France's President Nicolas Sarkozy said Monday he plans to meet his Chinese counterpart Hu Jintao in China in March for talks on his ambition to reform the global financial system.

France holds the rotating presidency of the G20 group of the world's most powerful economies, and Sarkozy has vowed to work with his fellow leaders to correct imbalances in global exchange rates.

"I will have the opportunity to meet President Hu Jintao for a first seminar on reforming the international monetary system in China at the end of March," the French leader said, in a televised speech.

Western leaders criticise China for holding the value of its currency at too low a level, favouring its own exports while holding down Chinese domestic demand for foreign products.

Sarkozy said it "hadn't been easy" to convince China to host the meeting, and insisted he would not lecture Beijing on its own exchange rate policy.

But he noted that inflationary pressure was mounting in China and suggested that allowing the yuan to appreciate would be in Beijing's own interest.

"What's happening is very interesting," he told reporters.

© 2011 AFP

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