China's currency nudged past 7.0 yuan to the U.S. dollar Thursday, a milestone bound to please Beijing's trading partners and dismay exporters struggling to remain competitive in overseas markets.
The official Xinhua News Agency reported that the yuan was trading at 6.9920 to US$1 _ the first time it has ventured below the 7 yuan mark since the government loosened the unit's peg to the dollar in 2005. The yuan has gained about 18 percent in value since then.
That has made Chinese-made products more expensive overseas, while shrinking the yuan-denominated value of profits from exports. The stronger yuan is squeezing China-based exporters, including …
No comments:
Post a Comment