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13.03.2008 |
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| The China Minister of Commerce, Chen Deming, in a press conference during the First Session of the 11th National People's Congress and the First Session of the 11th National People's Conference expressed that the appreciation of Renminbi (RMB) against US Dollars has impacted on the exports of China. The appreciation, on the one hand, had prompted enterprises whose production were resource-intensive, highly-polluting and low added-value to transform. The increasing exchange rate, on the other hand, had discouraged enterprises to sign long-term contracts, he said. |
| The exchange rate of RMB rose 2.9% in the first two months this year. It has increased 16.5% since the new currency reform since July 2005. Mr. Chen said that the appreciation of the currency favoured imports, helped adjusting trade structure and transformed trade development. "The government policies will probably discourage the manufacturing which are resource-intensive and highly-polluting, however, it is this manufacturing that we would like to stop." |
| Exports growth in February fell sharply with a decrease of 45% and 20% in January. Mr. Chen attributed the fall back to the appreciation of RMB which contributed to one-third of the export value. "Most of the buyers are reluctant to sign long-term contracts for fear of future appreciation of RMB, therefore, big orders are becoming smaller, buyers and sellers have to negotiate on prices." |
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