China’s Foreign Minister Wang Yi, speaking in Berlin, addressed EU concerns over rare earth export controls:
"Rare earths have not been, are not, and will not be a problem between China and Europe, or between China and Germany." "If legal applications are submitted, Europe’s and Germany’s normal needs can be met."China imposed new export license rules on rare earths in April, citing standard controls for dual-use goods.
German Foreign Minister Johann Wadephul said the restrictions were causing "great concern" and hurting China's reputation as a reliable trading partner:
"We are on the path to finding sustainable joint solutions that will bring the necessary detente."
Asked whether a deal could be reached before the upcoming EU-China summit, Wang replied:
"This is not an issue between China and Europe... controlling dual-use goods is standard practice. China and Germany both have the right to do so."Wang noted that China’s Commerce Ministry has a fast-track process to handle normal export approvals quickly.
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The reports on this exchange I've seen are couched in terms of China reassuring Europe over rare earths. I guess that is reasonable, but there does seem to be an undercurrent of latent threat in the foreign ministers comments. Fair enough, I guess. China has bargaining power with rare earths and will not give it all away.
Indeed, when the headlines on this hit during US hours the SPX (well, ES at least) had a bit of a wobble. Not much, but it was noticeable before recovering quickly.
This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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