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Int'l markets say "no" to coalition against China's currency policy

(Xinhua)

12:59, October 18, 2011

GUANGZHOU, Oct. 18 (Xinhua) - The attendees of this year's Canton Fair, China's largest trade fair and a barometer of global economic health, have sent a clear signal that the world markets accept China's policy of maintaining a stable yuan.

More than 24,000 Chinese companies are expected to export goods worth 37 billion U.S. dollars at the 110th Canton Fair. Over 200,000 buyers from 200 countries and regions applied to attend the fair, according to the fair's organizers.

Despite the escalating eurozone debt crisis, 12,000 European buyers visited the fair during the first three days of its opening, a year-on-year increase of nearly 20 percent.

The U.S. has long accused China of manipulating its currency, making the yuan cheaper in order to make its exports less expensive in the world marketplace.

U.S. Secretary of State Hillary Clinton said Friday that it is "time to stand up" to China, suggesting the formation of an international coalition to force China to allow its currency to rise further.

"I don t think there is a base to form such a coalition," said Li Jie, an executive with the Konka Group Co., a leading Chinese home appliance manufacturer.

"Chinese companies are not just relying on low prices to gain customers. It is product innovation and technological upgrades that make Chinese goods popular all over the world," Li said.

Konka's sales of TV sets in overseas markets totaled two billion U.S. dollars last year. Despite global economic turmoil, the company's exports have already exceeded last year's total with two months still remaining.

"Konka aims to deliver value-added, technology-driven, custom-built products," Li said, adding that fluctuations in the yuan exchange rate have had a limited impact on the company's exports.

However, a stronger yuan has already presented a challenge to the country's millions of small exporters.

The appreciation of the yuan has hit record highs since the start of the year. The swift appreciation has exceeded the expectations of many small exporters and squeezed their profit margins.

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