Worries over yuan as huge fair opens
Source: Xinhua |
October 16, 2010, Saturday
|
Print Edition
Print Edition
THE Canton Fair, China's largest trade fair and a key barometer of its trade and economic development, opened yesterday in Guangzhou amid growing concerns that a stronger yuan would weigh on the nation's exports.
In addition to business opportunities, sellers and buyers at the fair, officially known as China Import and Export Fair, are watching closely the latest developments in the yuan exchange rate dispute.
"We are under great pressure. Should the exchange rate rise rapidly, many of us will be out of business," said Dai Chao, export manager of Wanjiale Gas Appliances, a medium-sized private company that sells gas appliances to east European and South American countries.
He was echoed by many small and medium-sized firms at the fair, which make up about 70 percent of all 23,599 registered sellers.
"An abrupt appreciation of the yuan would devastate the smaller exporters whose profit margin mostly ranges from 2 to 5 percent," said Liu Jianjun, spokesman for the 108th Canton Fair.
Analysts say China's currency policy has been stigmatized by some United States politicians who are trying to use it as a scapegoat for the weak economy and job losses in the US as the mid-term elections approach.
"Pushing for the appreciation of the yuan for political gains will only hurt the global market," said Su Jing, a foreign trade official with the Ministry of Commerce.
In addition to business opportunities, sellers and buyers at the fair, officially known as China Import and Export Fair, are watching closely the latest developments in the yuan exchange rate dispute.
"We are under great pressure. Should the exchange rate rise rapidly, many of us will be out of business," said Dai Chao, export manager of Wanjiale Gas Appliances, a medium-sized private company that sells gas appliances to east European and South American countries.
He was echoed by many small and medium-sized firms at the fair, which make up about 70 percent of all 23,599 registered sellers.
"An abrupt appreciation of the yuan would devastate the smaller exporters whose profit margin mostly ranges from 2 to 5 percent," said Liu Jianjun, spokesman for the 108th Canton Fair.
Analysts say China's currency policy has been stigmatized by some United States politicians who are trying to use it as a scapegoat for the weak economy and job losses in the US as the mid-term elections approach.
"Pushing for the appreciation of the yuan for political gains will only hurt the global market," said Su Jing, a foreign trade official with the Ministry of Commerce.
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