Business News
Business Today, June, 2005 by Ashish Gupta, Kumarakaushalam, Amanpreet Singh, Shailesh Dobhal, , Indrani Rajkhowa, Kushan Mitra, Swati Prasad, Venkatesha Babu, Anil Padmanabhan, Narendra Nathan, Brian Carvalho, E. Kumar Sharma
FIRST
Revaluing Yuan: The India Impact
In a quota-free world, China's export engine is roaring even louder. Will a US-forced revaluation of the yuan help India's exports?
By Ashish Gupta
It's china versus the rest of the world. The country's relentless export growth over the last decade, when exports rose from $121 billion (Rs 3,75,100 crore at the then exchange rate) in 1994 to a whopping $593.4 billion (Rs 26,70,300 crore) in 2004, and its stubborn refusal to do anything about its currency yuan's artificial exchange rate (it has been pegged at about 8.28 to a us dollar for the last 10 years) have brought rival economies together to push Beijing into allowing at least a partial float of the yuan. The latest warning came from the US, which has threatened...
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