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Rise of Yuan will change Chinese economic focus
31 Mar '12
1 min read
The Chinese Yuan has appreciated by around five percent in 2011 against the US dollar, says data from the People's Bank of China.
However, there is also a good aspect, which is that, it will promote the Chinese economy to change from export-oriented economy to domestic demand-led economy.
According to a rough estimate, since the first reform in the RMB was brought in July 2005, the Yuan has appreciated against the Euro by 15.6 percent, the Yen by 21 percent and US dollar by 6.2 percent.
These three major markets are China's top three trading partners and main destinations of China-made products.
It is expected that the Yuan will continue to appreciate, an external pressure that "Made in China" goods will continue to face and make these goods costly.
However, there is also a good aspect, which is that, it will promote the Chinese economy to change from export-oriented economy to domestic demand-led economy.
According to a rough estimate, since the first reform in the RMB was brought in July 2005, the Yuan has appreciated against the Euro by 15.6 percent, the Yen by 21 percent and US dollar by 6.2 percent.
These three major markets are China's top three trading partners and main destinations of China-made products.
It is expected that the Yuan will continue to appreciate, an external pressure that "Made in China" goods will continue to face and make these goods costly.
Fibre2fashion News Desk - China
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