On July 28 MOFCOM research office director said China-EU trade has developed broadly well, but recent EU trade restrictions and focus on the renminbi exchange rate lack factual basis and undermine bilateral stability. China reaffirmed that market forces determine the exchange rate and that it will keep the renminbi broadly stable at a reasonable, balanced level. As a responsible major economy, China will not seek competitive advantage through currency depreciation; Chinese manufacturing is inter

On July 28 MOFCOM research office director said China-EU trade has developed broadly well, but recent EU trade restrictions and focus on the renminbi exchange rate lack factual basis and undermine bilateral stability. China reaffirmed that market forces determine the exchange rate and that it will keep the renminbi broadly stable at a reasonable, balanced level. As a responsible major economy, China will not seek competitive advantage through currency depreciation; Chinese manufacturing is internationally competitive and does not require an undervalued currency to support exports. China also positioned itself as a partner for resolving trade frictions and warned that protectionism would be counterproductive.