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Eurozone’s exposure to China is not significant – ECB’s Draghi

FXStreet (Mumbai) - President Draghi, while addressing a question on China slowdown, said a marked slowdown in China would have a negative impact on the Eurozone through different channels – direct, indirect, confidence, and financial.

Draghi said EZ’s total exports to China are just 6% of the total exports, but mentioned some countries like Germany have a larger exposure (10% of exports to China). Thus, a slowdown in China would have direct impact on countries like Germany.

Furthermore, a slowdown in China would kill commodity prices and therefore poses downside risk to inflation – an indirect channel, Draghi said.

The president added further that a marked slowdown in one of the biggest economy in the world could rattle confidence in the financial markets and business confidence.

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