EU-based Chinese diplomats said Chinese officials may soften their stance on export cuts in rare earth minerals, Reuters reported. A Chinese diplomat told Reuters, "We are happy to continue a sustainable supply," a softening view that was confirmed by other EU diplomats. China produces about 95% of the world’s rare earth mineral supplies but recently curbed exports of the material. The shortage has prompted fears among other developed nations that China’s monopoly of the resource, used in high-tech and defense products, might be used for political advantage. EU officials are also trying to pressure Beijing to reduce its overall dependence on manufactured exports, an economic imbalance supported by current account surplus statistics released Wednesday.
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