{"id":470904,"date":"2010-03-25T08:09:00","date_gmt":"2010-03-25T12:09:00","guid":{"rendered":"http:\/\/www.businessinsider.com\/chinese-companies-beg-the-government-for-a-stronger-yuan-2010-3"},"modified":"2010-03-25T08:09:00","modified_gmt":"2010-03-25T12:09:00","slug":"chinese-companies-come-out-in-force-to-demand-a-stronger-yuan","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/470904","title":{"rendered":"Chinese Companies Come Out In Force To Demand A STRONGER YUAN"},"content":{"rendered":"

\"Angry<\/p>\n

See, China isn’t just about low-cost exporters arbitraging an undervalued yuan anymore.<\/p>\n

Many companies actually want a stronger yuan and the higher relative purchasing power it creates.<\/p>\n

They’re starting to come out in force and be heard:<\/p>\n

Bloomberg:<\/a><\/p>\n

Yang Yuanqing, chief executive officer of Beijing-based computer maker Lenovo Group Ltd., said gains would boost consumers’ purchasing power. Qin Xiao, chairman of China Merchants Bank Co., said an end to the yuan’s 20-month peg to the dollar would let lenders set market-based interest rates. Chen Daifu, chairman of Hunan Lengshuijiang Iron & Steel Group Co., said a stronger currency would cut import costs.<\/p>\n

The remarks are significant because it’s the first time so many executives at state-controlled enterprises have spoken publicly in favor of appreciation since China pegged the yuan at 6.8 per dollar in July 2008 to protect exporters,<\/strong> said Lee Boon Keng, deputy chief investment officer at Bank Julius Baer & Co. in Singapore. The comments are at odds with Premier Wen, who said criticizing the peg amounts to “protectionism,” in a March 14 response to sanction demands from U.S. lawmakers.<\/p>\n

When your wealth is accumulated in yuan, it’s nice to see the value of the yuan rise. Especially if you realize that your largest growth market isn’t in the U.S..<\/p>\n

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