EU and China agree measures on "severe" movements

A meeting between Jean-Claude Trichet, the president of the European Central Bank, and his Chinese counterpart, Zhou Xiaochuan, has resulted in the People's Bank of China saying it will co-operate with the EU to avoid "severe" fluctuations in exchange rates.

The People's Bank of China said on Tuesday: "Chinese and EU representatives believed it was necessary to make concerted efforts to adopt comprehensive measures, intensify structural adjustment, and avoid drastic movement of exchange rates

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