China's MOFCOM issues a statement on the EU Industrial Accelerator Act, calling it discriminative for trade; will closely monitor and engage in dialogue with the EU but threatens countermeasures if the EU presses ahead

China's MOFCOM is pushing back against the EU's Industrial Accelerator Act, labeling it as discriminatory toward trade, which signals potential tensions in trade relations. This could lead to volatility in currencies, particularly the EUR and USD, as traders weigh the implications of possible countermeasures from China. Monitoring how the EU responds will be crucial for assessing the longer-term impact on risk sentiment and regional trade dynamics.