The yuan’s recent strong appreciation has eroded exporters’ confidence and their willingness to take new orders, the Ministry of Commerce said yesterday.
“ Quick appreciation helps improve importing, but has a big negative impact on exporters’ contracts and profits, “ the spokesman said.
He said a survey conducted by the Ministry found 77.5% of exporters had noticed a decline in profits, with 6.6% expecting deals to be broken.
~ Shanghai Daily, May 17, 2013 ~