Europe sees short-term pressure from depreciation

The renminbi's depreciation will put short-term pressure on European exports, but will not have a long-term impact, European business leaders and experts said.

Rain Newton-Smith, the Confederation of British Industry's director for economics, said: "The move to allow the renminbi to drop a little could help support Chinese growth, against the backdrop of an unexpectedly sharp fall in the country's exports in July."

The CBI is the United Kingdom's top business lobbying organization.