Brussels, 07/10/2010 (Agence Europe) - On the day after the EU-China summit, which was somewhat dominated by the different views on the rate of exchange of the yuan, Trade Commissioner Karel De Gucht said that the Chinese currency alone should not be blamed for the EU's trade deficit with China. Speaking to press on Thursday 7 October, he also accused unfair Chinese practices of all kinds for Europe's sizeable deficit with its Asian partner. “They have an undervalued currency,” he said, going on to add that we should not think that “this is the only explanation why they have such huge exports, and that we have a huge trade deficit vis-à-vis China. Financial subsidies (paid by the Chinese government to its companies) are a more important reason”. He continued: “We have to face three elements in this: we have to face the currency, we have to face the subsidies, and we have to face unfair trade practices. Our response is to apply trade defence measures, such as anti-dumping”. The commissioner said, too, that he was certain that “sooner or later”, China would have to revalue its currency. “Not because external pressure is great, but for domestic reasons, such as inflation,” he said. (E.H./transl.rt)