"Soft landing" of China-EU EV case to significantly boost market confidence: MOC spokeswoman

The "soft landing" of the China-EU electric vehicle case will greatly boost market confidence and inject new momentum into China-EU cooperation in automobile trade and investment, a spokeswoman of the Ministry of Commerce (MOC) said at a press briefing in Beijing on Thursday.

He Yongqian, the spokeswoman, made the remarks after China and the European Union (EU) agreed on the necessity of providing general guidance on price undertakings for Chinese companies exporting battery electric vehicle (BEV) passenger cars to the EU.

"China and the EU simultaneously announced on Monday that they had achieved positive outcomes following multiple rounds of consultations on the EV case, a development that has drawn wide attention at home and abroad. Industry players from both sides have 'highly welcomed and fully endorsed' the outcome, saying the 'soft landing' of the case is expected to greatly boost market confidence and inject new momentum into China-EU cooperation in automobile trade and investment. Some EU politicians have described it as a positive step toward building a sustainable China-EU trade relationship, and said it demonstrated that resolving trade differences through partnership remains feasible," she said.

"Against the current international backdrop, China and the EU, acting in a spirit of mutual respect and within the framework of WTO rules, have properly addressed the EV case, which is of significant positive importance. The outcome will not only contribute to the sound development of China-EU economic and trade ties and help safeguard the stability of the global automotive industrial and supply chains, but will also send a clear and strong signal that both sides are willing to uphold a rules-based international trading order, setting a good example for countries to resolve differences through dialogue and consultation and injecting greater certainty and positive energy into global economic growth," she said.

"China appreciates the spirit of dialogue showed by the EU side and stands ready to work with the EU, building on the current positive outcomes, to further implement the consensus reached by the leaders of the two sides, maintain dialogue and communication, and support stable industrial and supply chains on both sides, continue to deepen cooperation on the basis of market principles, and make active contributions to the global green transition," she added.

The U.S. dollar increased in late trading on Thursday.

The dollar index, which measures the greenback against six major peers, went up 0.38 percent to 100.024 at 1900 GMT.

In late New York trading, the euro lost to 1.1544 dollars from 1.1607 dollars in the previous session, and the British pound was down to 1.3227 dollars from 1.3324 dollars in the previous session.

The U.S. dollar bought 159.34 Japanese yen, higher than 158.82 Japanese yen of the previous session. The U.S. dollar was up to 0.7984 Swiss francs from 0.7931 Swiss francs, and it rose to 1.3921 Canadian dollars from 1.3895 Canadian dollars. The U.S. dollar added to 9.4234 Swedish kronor from 9.3935 Swedish kronor.