France demands better foreign exchange coordination

France is seeking to stabilise foreign currencies by improving coordination among the exchange market.

If implemented, new policies may have an impact on the finances of UK emigrants who regularly rely on foreign exchange transactions to fund their lives overseas.

Christine Lagarde, economy minister for the country, explained that investigations into an improved system ought to address current exchange practices.

"We should explore a better coordination of foreign exchange policies which would raise the question over the medium term of the balance of exchange rates," she said.

She added that examining the impact of currencies that have been affected by the economic slowdown may also prove beneficial to the market.

In addition, Christian Noyer, governor for the Bank of France, spoke of his support for changes to current policies and suggested foreign exchange accumulation should be avoided.

Meanwhile, the International Monetary Fund was recently called on by the People's Bank of China to deal with some countries' foreign exchange reserves to boost stability in the market.

Click here to find out how much you can save with HiFX's Foreign Exchange services.

By Linsey Summers