A rising outcry in the US against China's alleged currency manipulation is being expressed in Europe more as a muffled complaint.
European officials endorse Washington's view that Beijing is acting to suppress the value of the renminbi to stoke exports. Yet they are reluctant to elevate the currency issue in any way to upset the broader relationship.
“I'm of the opinion that the yuan is underpriced and that it should be revalued. It certainly has an impact on their exports and trade patterns. The complaint is legitimate,” Karel De Gucht, Europe's new trade commissioner, told the Financial Times.
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