Senior eurozone policy makers on Wednesday alerted China to the risk that protectionist pressures would rise in Europe unless the Chinese allowed the renminbi to rise in value against the euro.

”The fact that the Chinese currency is depreciating against the euro and appreciating against the dollar is creating a lot of problems for the European economy, and we could have as a result protectionism occurring in Europe,” said Jean-Claude Juncker, head of the Eurogroup or finance ministers.