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17/08/2015
RMB Slips

The recent devaluations of the Yuan in China are good news for European buyers, but only if it doesn't destabilise the rest of the global economy. With recent falls in the rate of Chinese GDP growth to less than 7% for the first time in 25 years the Beijing government has reduced the value of the Yuan on several occasions recently so that it now stands at about 5% less against the US Dollar than in July. Although it is claimed by Beijing that the West has used Quantitative Easing to push up the Yuan, there are those in the West who now cry 'foul' because the Chinese felt the need to revalue their currency to bolster exports. Negotiators must make efforts to ensure that exporters remember to pass this on to buyers, rather than maintain the previous USD selling price!

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