The U.S. dollar fell against the euro and Japanese yen Tuesday after Europe's finance ministers rallied around the shared European currency and speculation grew about the possible revaluation of China's yuan People's Bank of China Governor Zhou Xiaochuan reiterated that China wants to reform its currency regime, while U.S. Federal Reserve Chairman Alan Greenspan, participating via a video linkup, repeated previous comments that it would be good for China to stop pegging the yuan tightly to the U.S. dollar. It's expected that a boost of the yuan would lower the value of the dollar while raising other Asian currencies. "Basically, we would expect some fluctuations in rates around that level, and for that not to create difficulties," said Michael Deppler, who directs the IMF's European department. "The euro needs to adjust to an average rate of around that magnitude." In a conference call, Deppler said the euro remained strong and was benefiting from reforms in the eurozone to keep it viable. "Reforms have paid off in past, and there is no reason not to expect them to continue to pay off in the future," he said.