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Tortola Capital covers Global Reaction to Chinese Export Success
Governments are taking policy action to curb China's artificial export advantage, reports Tortola Capital.
Washington has imposed anti-dumping duties on imports of Chinese-made steel pipes and some other goods, while the European Union has imposed curbs on Chinese shoes in an effort to curb this unfair advantage.
The U.S. and other governments also complain that Beijing keeps its currency, the yuan, undervalued. Beijing broke the yuan's link to the dollar in 2005 and it rose gradually until late 2008, but has been frozen since then against the U.S. currency in what economists say is an effort by Beijing to keep its exporters competitive. The dollar's weakness against the euro and some other currencies pulls down the yuan in markets that use them and makes Chinese goods even more attractive there, adding to China's trade surplus, explained Henry Marshall, CEO of Tortola Capital.
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