Chinese exports

15Oct07

Growth in exports from China to Europe has been outpacing sales to the US, even before recent scares in North America over the safety of some Chinese-made goods. This year, Europe overtook the US as the biggest destination for Chinese exports. “The rise of European market is good news for sustaining Chinese export growth, but, in the end, it might prompt Europe to become more actively engaged in pressing on China’s currency,” said Yiping Huang, of Citigroup, in Hong Kong.

In the nine months to the end of September, Chinese exports to the EU and the US increased 37 and 16 per cent year-on-year respectively, reflecting the strength of Europe’s economy and the euro exchange rate, according to Bank of America.

The 13-nation eurozone’s ministers broke new ground this week with a statement that identified the renminbi’s level as a greater source of concern to Europe than the dollar or the Japanese yen.

FT – EU trade total adds pressure on Beijing to revalue its currency.

13 October 2007
Asia Ed1

The renminbi (literally “people’s currency”) is the official currency in the mainland of the People’s Republic of China (PRC), whose principal unit is the yuan. It is issued by the People’s Bank of China, the monetary authority of the PRC. The official ISO 4217 abbreviation is CNY, although also commonly abbreviated as “RMB”. The Latinised symbol is ¥.

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