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Two thirds of Chinese exporters able to handle yuan rise: survey (2) |
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17:15, July 27, 2007 |
Despite a series of measures to lower the trade surplus, China''s exports rose 27.6 percent in the first half over the same period last year. In June, the surplus hit a record 26.91 billion U.S. dollars, up 85.5 percent from June last year, according to the General Administration of Customs.
This showed Chinese firms still possessed a competitive advantage and had confidence to cope with yuan rise, the newspaper said.
The cumulative appreciation since July 21, 2005, when China discontinued the yuan peg to the dollar, is more than 7.5 percent.
Close to two thirds of the firms could endure a yuan rise of less than five percent in the coming year and almost one in three were confident of being able to handle a yuan rise of five to ten percent.
The survey covered 103 Chinese export companies nationwide in the textiles, electronics, hardware, chemical and other sectors. About 80 of the companies were small or medium-sized with annual business volume below 300 million yuan (39 million U.S. dollars), which, according to the newspaper, represented a typical distribution of China''s export companies.
Source: Xinhua
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