China

The European Union and China business summit in Brussels, Belgium, ended with Chinese Prime Minister Wen Jiabao dismissing EU officials’ criticisms of China’s financial and economic policies. In light of the possible economic repercussions of the euro’s recent rise against the yuan, EU officials have urged China to allow its currency to fall against the U.S. dollar. But Wen stressed that the rise was the result of fluctuations in the dollar-euro exchange rate and not China’s intervention in the global currency market, The Associated Press reports.

“Why should this blame be put on China?,” Wen said as quoted by AP, adding that EU officials “should really ask this question to the United States.”

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    Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.