By John Duce
Oct. 30 (Bloomberg) -- France’s Finance Minister Christine Lagarde said it’s up to China to decide whether to allow the yuan to strengthen and that the issue involves imbalances across exchange rates.
“China will decide for itself and it’s a matter of rebalancing several currencies to help create financial stability,” said Lagarde during a press briefing in Hong Kong today.
The comments came after she visited Beijing and Guangdong in southern China. She said that a delegation of 100 Chinese companies and Commerce Minister Chen Deming will visit Paris on Nov. 26 and Nov. 27 and she will meet them.
China and France signed a preliminary agreement to invest as much as 300 million euros ($443 million) in each other’s small and medium-sized companies during her trip. The funding will come from state-owned lenders Chinese Development Bank and Caisse des Depots et Consignations, Lagarde said. Lagarde met with Vice Premier Li Keqiang, the state-run Xinhua news agency reported.
She said today that countries should cooperate to avoid protectionism. France’s third-quarter gross domestic product will be as good if not better than that of the second quarter, she said.
To contact the reporter on this story: John Duce in Hong Kong at Jduce1@bloomberg.net
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