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China faces bigger pressure to expand exports on euro devaluation

Xinhua, March 17, 2015 Adjust font size:

China is facing bigger pressure to enlarge exports due to a devaluated euro against Chinese currency renminbi, or the yuan, said Ministry of Commerce Spokesman Shen Danyang on Tuesday.

The yuan was up 10.8 percent against the euro until March 13, when the euro devaluated 13.2 percent against the U.S. dollar, according to Shen.

The price advantages of Chinese exports to the euro market has been softened by the euro devaluation, said the spokesman.

Also, a weakened euro will incite the eurozone exports in other markets, adding competitive pressure to China's high value-added exports.

Imports from the eurozone were not influenced much by the currency exchange rate fluctuation, as China mainly imports mechanical, electrical and chemical products such as vehicles and aircraft from the European market.

However, investment and merger opportunities for Chinese companies were increased in the eurozone as asset prices fell due to the euro devaluation, said Shen.

In the first two months this year, Chinese non-financial direct investment in the European Union soared by 9.5 times year on year. Endi