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Beijing said in June that it would end the renminbi's effective peg with the dollar and allow a gradual appreciation, but the renminbi's rise since that date has been fractional (Photo: EUobserver)

Europe steps up pressure over renminbi

Senior European officials have urged China to allow the value of its renminbi currency to appreciate, warning that a weakened European economy will negatively impact on Chinese growth.

Eurogroup president Jean-Claude Juncker described talks on Tuesday morning (5 October) with Chinese economic officials including Premier Wen Jiabao as "frank and friendly", but added that Beijing must do more to boost domestic consumption.

"We agreed that China's recent growth performance has been...

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Beijing said in June that it would end the renminbi's effective peg with the dollar and allow a gradual appreciation, but the renminbi's rise since that date has been fractional (Photo: EUobserver)

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