U.S. Treasury Secretary Scott Bessent said China’s yuan poses a greater challenge for Europe than for the U.S., noting the currency has weakened sharply against the euro while holding relatively firm against the dollar. Speaking in Madrid after trade talks with Chinese Vice Premier He Lifeng, Bessent said U.S. tariffs have cut America’s trade deficit with China, with bilateral trade down 14% this year, even as China’s trade with Europe has risen nearly 7%.
He stressed that the yuan is stronger against the dollar this year, moving from 7.3 in January to 7.1, but has hit record lows above 8.4 against the euro, fuelling Chinese export gains in Europe and widening the EU’s trade deficit. Asked if this reflected manipulation, Bessent said Beijing manages the yuan as a “closed currency.”
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