While exporters Europeans suffer from a euro over 1

"Europe should not try to join the chorus of those who pressure for a revaluation of the yuan," warned yesterday the Chinese Premier, Wen Jiabao straight. Yesterday, in Brussels, the risk of a "currency war" continued to fuel the Chronicles on the eve of the international meetings of the IMF and G7. In the morning, in an interview with the "Financial Times", the patron of the IMF, Dominique Strauss-Kahn, worried about "very serious" threat that would weigh on the world economy a currency war maintained kicked of competitive devaluations. On the margins of the European Union China Summit, the head of the Chinese Government opposite of estoppel to the President of the European Commission, José Manuel Barroso. A few hours earlier, he had called for an assessment "in order" of the Chinese currency.

Chinese Premier Wen Jiabao responded that a rapid rise of the yuan would lead to the bankruptcy of many exporters, causing social unrest and destabilizing the Chinese economy, which would be "a disaster for the world". However, he assured that a gradual increase in the long term was possible. Since the abandonment of the link with the dollar, on 19 June, the Chinese currency has gained 2 against the dollar, but lost... 9.3 of its value against the euro.

The undervaluation of the Chinese currency, therefore, is that one of the elements of a great world monetary disorder which sees the great powers voluntarily weaken their currencies to boost their exports or strive to limit the increase. Thus, while the yen is at the top for 15 years against the dollar, the Japan brought Tuesday its interest rate to zero. The Brazil took steps Monday to curb the increase of its currency, and the India, the Thailand and the Korea of the South have warned that they could do the same.

While exporters Europeans suffer from a euro over 1.38 dollar, all these measures these days confirm that the issue currency "became a major economic issue", considered to be in Paris, where it focuses on the need to form a consensus at the G20 - which will be presided over the next month and a year by the France - on the necessary Exchange coordination. "External rebalancing becomes more urgent." "I am confident in the fact that the g-20 will find a solution," felt elsewhere, for its part, Olivier Blanchard, Chief Economist of the IMF, which was held yesterday to remind the necessary adjustment of exchange rates to reduce global trade imbalances. It is clear, in his view, that the currencies of the Asian countries with large trade surpluses, like China, must be assessed against the currencies of the rich countries, especially the dollar.

Higher pressure

For its part, in a speech at the Brookings Institute, the American Secretary of the Treasury, Timothy Geithner, clearly announced its intention to "currency war" and the manipulation of the yuan a major topic at the g-20. "Over time, more and more countries face increasing pressures to rely on market forces to push to increase the value of their currencies", said Timothy Geithner evoking a "disastrous Dynamics" and the risk of "bubbles" in emerging countries. He insisted on the urgent need for a more flexible exchange rate system. "The main problem today is that a series of dumped emerging resists an appreciation, to the chagrin of their trading partners", he still emphasized in holding this "unsustainable" strategy

Yet, the United States, but also the European Union, are not exempt from reproach in the beginnings of economic conflict, according to the Nobel Prize in economics Joseph Stiglitz. He criticized the monetary policy of the FED and the ECB in believing that their massive injections of liquidity in the markets, not help the US economy, are source of instability and "create some chaos in the rest of the world".