Beijing is keeping the renminbi heavily undervalued against the euro, European companies have warned, giving Chinese exporters an advantage and raising the risk of increased trade retaliation.
The warning from the EU Chamber of Commerce in China comes just days after data indicating the country’s annual goods trade surplus will exceed $1tn for the first time.
In a report released on Wednesday, the chamber said the renminbi had weakened to a 10-year low against the euro this year, even though China’s huge trade income should be driving an appreciation of its currency.
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