Weakening Euro Poses Threat to China's Exports

The ongoing financial crisis in Europe is threathening China's exports as a weakening euro is making Chinese goods "relatively more expensive to buyers in Europe," says the South China Morning Post, citing a commerce ministry official.

 

The post notes that on Monday, the euro plunged to a seven-year low of 8.3587 yuan. "The yuan has risen about 14.5% against the euro during the past four months, which will increase cost pressure for Chinese exporters and also have a negative impact on China's exports to European countries," spokesman Yao Jian said in a press conference attended by the Post.

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