China's exports to Europe soared, and the pressure

2022-08-09
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China's exports to Europe soared, and the pressure on the exchange rate issue increased

even before the recent panic in North America over the safety of goods made in China, China's export growth to Europe has exceeded its sales to the United States. In 2007, Europe surpassed the United States as the largest export destination for China. Yipinghuang, chief economist for Asia at Citigroup in Hong Kong, said: "the increase in exports to the European market is good news for maintaining China's export growth, but in the end, it will make Europe more proactive in putting pressure on the Chinese currency."

the finance ministers of 13 euro zone countries said in a statement this week with the same position that the level of RMB is more concerned by Europe than the dollar and yen. Since Beijing insisted on limiting the dollar in mid-2005, the RMB has appreciated by nearly 10% against the dollar, but it has depreciated against the euro in the same period. In the nine months to the end of September, China's exports to Europe increased by 37% and 16% respectively over the previous year due to the light weight and high elastic strength of special glass fibers and the United States, reflecting the strength of the European economy and the euro exchange rate

when breaking the restrictions on the US dollar, China promised to manage the RMB with a package of international currencies. The head of the Department once opened the chatterbox, but it seems that it has always been tracking the US dollar

in the case that China's export growth partly reflects its final allocation point of Asian goods outward, few economists believe that a stronger RMB will change the bilateral trade relationship with Beijing. But when many people say that Beijing's policy is to artificially reduce the value of its currency to promote exports, the RMB has become a political symbol in Washington and now in Brussels

Robert Kimmitt, deputy secretary of the US Treasury, said yesterday that China needed to "evaluate their currency quite quickly and faster on the current economic basis"

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