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Thread: Yuan rise would be disastrous: China export body
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[quote=WUYUETIAN,391004]"So yuan appreciation would be a nice catalyst to force these firms to change for the better, which is also what the government wants to see," he said. "It's true that jobs are a major concern. But we're also seeing labor shortages in many places. So I think it should be manageable." MORE TIME, PLEASE The source familiar with the stress tests, speaking in a personal capacity, said arm-twisting by U.S. lawmakers was counter-productive. "The last thing China will do is be seen bowing to foreign pressure, even if it's the right thing to do. The Americans should keep quiet and not lecture the Chinese. Once it's left alone, China is quite likely to move on the yuan," he said. Chinese Premier Wen Jiabao denied on Sunday that the yuan is undervalued and criticized Washington for politicizing the issue. The Ministry of Finance might also send research teams to Guangdong, Zhejiang and Shanghai later this month to test companies' ability to withstand an appreciation of the yuan, the 21st Century Business Herald reported on Thursday. Zhang said that Chinese exporters, anticipating a stronger exchange rate, had been improving their product ranges and switching their attention from the United States and Europe to Africa, Latin American and the Middle East. That had helped many exporters to cope with the cumulative 21 percent rise in the yuan against the dollar between July 2005 and July 2008. But firms needed more time to adjust further, Zhang said. [/quote]
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