Sharp FX moves not in global interest - Trichet

European Central Bank President Jean-Claude Trichet said on Wednesday 20 December that sharp and abrupt moves in currencies would not be in the interests of Europe, the US or the global economy.

The ECB president used some of his strongest words when asked at a European Parliament committee about the growing role of the euro as a reserve currency and China's huge stock of foreign exchange reserves.

"Orderly smooth and slow transformation is probably what is appropriate," Trichet replied.

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