As S&P cuts Italy's credit rating, Chinese foreign currency experts are getting increasingly nervous that the shaky euro will hurt the yuan currency and China's overall export performance.

The Chinese yuan or the renminbi has quite unexpectedly climbed to 3,000 basis points against the euro in just over the past two weeks. On Tuesday, it broke the 8.7084-per-euro level.

Analysts said the euro will continue weakening largely due to its sovereign debt crisis and may in the long run strain China's exports to the European Union.

Ministry of Commerce spokesman Shen Danyang has said the deteriorating European debt crisis will affect economic and trade relations between the two countries, possibly slowing export growth for China and raising more trade tension with the EU, which is a leading importer of China's goods and services.

In the first eight months of the year, data showed that trade between China and the European Union grew 21.8 percent year-on-year to US$372.14 billion.

On Monday, S&P lowered Italy's sovereign-debt rating to A from A+, alluding to political vulnerabilities in the eurozone's third-largest economy.