China appears immune to pressure to adjust its policy of keeping its currency weak. At international talks in Brussels, Beijing has remained cool toward calls for a stronger yuan, which would make room for other countries to boost their exports.
The two-day Asia-Europe Meeting (ASEM), which takes place every two years, brings together leaders from 46 countries. According to EU estimates, the ASEM countries account for half of world GDP, almost 60 percent of the population and 60 percent of global trade.
Malaysia’s prime minister told Euronews how he sees the EU’s presence. Najib Tun Razak said: “Well, it is a fact that the European Union does not have the kind of strategic outreach into our part of the world, but there is definitely a big part the EU can play because it can deepen its trade and economic linkages with our part of the world.”
Bilateral meetings will run into Wednesday, notably an EU-China summit. But European officials have spoken frankly of their doubts over what influence they can have on Chinese foreign-exchange policy.