French bank chief calls for Asian currency appreciation

Bank of France governor Christian Noyer says that Asian governments should let their currencies rise against the US dollar to reflect the region's economic success and correct imbalances in the global economy.

Mr Noyer, a member of the governing council of the European Central Bank, yesterday argued that China, in particular, should allow its currency to appreciate, pointing out that the yuan had declined by between 25 per cent and 35 per cent against currencies including the euro, sterling and Swiss franc over the past three years. 'The depreciation of the yuan against these currencies doesn't make sense,' he said.