Yuan appreciation burdens exporters
By Li Jiabao | China Daily | Updated: 2013-05-17 07:45
The recent appreciation of the renminbi has had a major impact on Chinese exporters, especially those targeting the Japanese market, Ministry of Commerce spokesman Shen Danyang told a news briefing on Thursday.
Exporters are reluctant to accept overseas orders owing to the quick currency appreciation and a lack of confidence in long-term operations, Shen added.
The 113rd session of the Canton Fair, China's export barometer, saw overseas purchases edge down 1.4 percent year-on-year to $35.54 billion, but 83.7 percent of the overseas orders were short or medium-term orders within six months, according to the ministry.
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