Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-10-18-Speech-1-194"
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"en.20101018.17.1-194"2
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"Mr President, ladies and gentlemen, the EU-China Summit, held on 6 October in Brussels, ended in tension when the scheduled final press conference was cancelled for laconic logistical reasons. In the background, there was disagreement on the question of the exchange rate of the yuan, deemed by the euro area to be excessively low.
The European Union has asked the Chinese Premier to appreciate their currency and put an end to unfair commercial practices which have, for years, fuelled tariff wars, highlighting this as a basic condition before addressing the issue of recognising China as a market economy.
Since June, the Chinese currency has risen by 2.15% against the dollar, but is down 9.4% against the euro. This is terrible news for exports from the euro area, not least because Europe seems to be the only power without the mechanisms to devalue its own currency.
In EU-China relations, we are disadvantaged as a result of contractual differences between employees, the cost of raw materials and their protectionist and reckless commercial policies. It is therefore impossible to compete if the euro is overvalued too. In two weeks’ time, we will attempt to deal with these points with the European delegation."@en1
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