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China’s currency gains with flexibility
Question of the Day
Regional markets gained Monday, as investors relieved of uncertainty over China’s currency policy bought airlines and other heavyweight shares.
“The markets were boosted because investors are becoming less risk averse than before. They are more aggressive,” said Ben Kwong Man Bun, chief strategist for KGI Securities in Hong Kong.
While foreign manufacturers have welcomed the relief a stronger yuan would bring, exporters in China, already operating on razor-thin margins, were less pleased.
“The exchange rate problem is one we would have to face sooner or later. That is a fact we have to accept,” said Bai Ming, deputy general manager of Zhejiang Mingfeng Car Accesories Co., which exports car covers to the Americas, Europe and South Korea.
Mr. Bai, whose factory employs 950 people, said his company’s export orders were outpacing his capacity to meet them. But with labor and other costs rising, the company will have to find a ways to stay competitive.
“What we are trying to do is to raise productivity and save costs. We cannot just sit back and wait,” he said.
Associated Press researchers Bonnie Cao in Beijing and Ji Chen in Shanghai contributed to this report.
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