DAVOS, Switzerland — Currency exchange rate manipulation undermines global trade and competition, French President Nicolas Sarkozy said here Wednesday, in a veiled attack aimed at China’s alleged undervalued yuan.
“We cannot put finance and the economy back in order if we allow the disorder of currencies to persist,” Sarkozy said in a keynote address to 2,500 business and political leaders attending the annual World Economic Forum. “We cannot, on the one hand, preach free trade and, on the other, tolerate monetary dumping.”
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