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Berlin is in constant contact with its partners in the Group of Eight richest nations over currency issues, German government sources said on Friday ahead of Chancellor Gerhard Schroeder's trip to China and Japan. Greater room for Asian currencies to fluctuate on the markets would also be desirable, according to the sources, who asked not to be identified by name.
China's fixed rate of exchange of its currency, the yuan, to the US dollar has become an increasing source of friction internationally, as developed countries say China's low exchange rate gives its exporters an unfair edge.
The issue has been of growing concern to European leaders as the euro has risen sharply against the dollar this year, making goods produced in the 12-nation bloc more expensive for customers outside the currency zone.
"It would certainly be desirable if in the Asia region more flexibility could be achieved," the German sources said.
However, they added that intervention in currency markets should only take place in "exceptional circumstances" and now was not the right time.
"The exchange rate should be determined by the markets. Not every thing should be controlled by the government," they said.
The sources also said Schroeder would be pushing for more transparency in oil markets on his Asia trip, a long-standing aim that Berlin believes will help promote stability and prevent speculators boosting crude oil costs.

Copyright Reuters, 2004

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