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Thread: Yuan rise would be disastrous: China export body
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[quote=WUYUETIAN,391003]Several branches of government, including the ministries of commerce and industry, conducted similar currency stress tests last month. A government source familiar with one of the missions to China's coastal exporting hubs said it came back unconvinced that the advantages of a stronger yuan would outweigh the drawbacks because of the razor-thin margins that Zhang mentioned. "But having said that, we found that these companies are quite flexible in adapting to new market conditions," he said. Because they can make a steady profit on their current margins, thanks to high volumes, they have little incentive to move up the value chain, the source added. ........................... An employee counts U.S. dollar banknotes at a branch of Huaxia Bank in Shenyang, Liaoning province March 18, 2010. A rise in the yuan would be a disaster for labour-intensive Chinese exporters, a semi-official trade group said on Thursday, as frictions grow with the U.S. and other Western powers over Beijing's stable currency policy. The China Council for the Promotion of International Trade was checking with more than 1,000 exporters in 12 industries on whether they could cope with a stronger exchange rate, Zhang Wei, vice-chairman of the association, said. Credit: Reuters/Sheng Li [/quote]
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