A strengthening yuan is forcing China's exporters to move up the value chain and become more innovative, said Zhang Yansheng, a researcher for the National Development and Reform Commission. Ge Yafang, head of Black Peony, which exports clothing to the U.S. and Japan, said if the firm hadn't shifted from dependence on cheap labor to a technology-driven operation, the rising yuan would haven driven it into bankruptcy.
Xinhuanet.com
An opportunity for US companies to gain sales in China?
Showing posts with label yuan. Show all posts
Showing posts with label yuan. Show all posts
Thursday, July 22, 2010
Tuesday, July 6, 2010
Analysis: China makes progress in turning yuan into global currency
China is moving systematically toward its goal of becoming a major force in the financial system by expanding the role of the yuan to become a global currency, according to Reuters. The nation extended a pilot program to allow importers and exporters to settle international transactions in the yuan. The government is creating opportunities to invest within China using the yuan, including yuan-denominated corporate bonds and insurance policies. Reuters
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