EU Trade Commissioner Karel De Gucht expects "we will have to wait some time" before China resumes gradual appreciation of its currency, the Wall Street Journal reported. He stressed that external pressure is unlikely to speed up the process. De Gucht met with Chinese Commerce Minister Chen Deming in Beijing on Tuesday, where he argued that a change in China’s currency policy would be beneficial to both Europe and China. "I think they will have to come to the conclusion that it is [beneficial to their own economy] – if not, all the problems we witnessed before the crisis will come back," he said. The renminbi has remained at about 6.83 to the US dollar since July 2008 when Beijing moved to protect its export sector during the global financial crisis. On other issues with China, De Gucht said Europe will continue with a WTO case against China’s restrictions on exports of certain raw materials, including bauxite, magnesium and zinc.
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