(CNN) – After a lot of finger pointing, squabbling, and teeth-sucking, the Chinese have finally loosened their grip on their currency. Over the weekend, the government said it would allow the yuan to be more flexible. So far, no one thinks the Chinese will tolerate anything more than a small blip. However, longer term the flexibility could bring greater purchasing power to Chinese consumers by making imported goods cheaper. Brokerages say consumer companies globally could benefit from a new currency rate and the official push to encourage the Chinese to spend. Internationally-branded cars and cell phones might become more affordable. Other kinds of multinational firms like those in the construction business may also enjoy a bump in buyers. Analysts though say major retail chains could suffer a bit as some of their suppliers struggle to offset potentially unfavorable currency fluctuations. In business, are you a Chinese currency winner or loser? |
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The U.S. small guy/consumer will be hurt by this move. This will benefit US exporters business only. Any jobs created in U.S. manufacturing will be negatively offset by an increase in prices for the US consumer. Very bad timing for this when we should be trying to get the US consumer to spend.
Any way for future .....it is very good for chinese ....investers .......they`ll be more capable of investing money in foreign based busines..
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