ECB's Issing says euro rise has 'gone too far'

European Central Bank chief economist Otmar Issing said in a speech the dollar's adjustment against the euro has gone too far and it now needs to adjust against Asian currencies, particularly the Chinese yuan.

"On the question of foreign exchange rates, the adjustment at the European level is complete and has also gone too far. The key to solving this...is in Asia and principally China," said Issing in a speech at a Swiss National Bank conference.

He said that finding a solution to the US curre