![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFKI9cqwiisC25R5_ZF5b_d0fXB1x8npez8gBbGhZtTNWNPvk2hL5uks_CO8D6Mpct2uH-K6s58UC5v3fnlGw5hcT_LWGCfvTxJcxYGUpzi-7iMZI7rYHWJe3sEbzcDrXhmS9Z/s320/yuan+fx.jpg)
(click to enlarge, author's own calculation)
Europe is China's No. 1 trading partner. It seems that they did not get the deal the US is getting. Are we going to see more appreciation pressure of CNY/Euro in the future? Or Europe, a union of rough a dozen countries, is fundamentally weaker than the U.S. when it comes to negotiation power?