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Some Chinese Exporters Prefer Euros to Dollars: Facing losses tied to a falling dollar and weakening American demand, some Chinese exporters are asking European customers to pay in euros. Others are trying to increase domestic sales.
You hear constantly that China is a country of young people, but you really see it in business, where a whole generation of young entrepreneurs has gone from rags to riches.
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Legislation aimed at punishing China over its currency practices, which have kept the price of Chinese exports artificially low, seemed to have momentum earlier this year. But in the waning weeks of Congress, lawmakers and their aides say its prospects are doubtful.
Is it possible that the United States had let the dollar depreciate against other currencies, contributing to the choking of the global economy with high oil and food prices.
The dollar’s decline, said Sun Zhenyu, the Chinese envoy, had also shrunk the value of reserves held by China and other countries. He charged that the Bush administration had engaged in continuous abuse of the world trading system by having imposed duties on Chinese goods, maintained high tariffs and subsidies on many American products and restricted the export of high technology to China.
As a result, the growth of exports to China is now outstripping the growth of imports from China, and the China-United States trade deficit is heading slightly downward from its record level of $256 billion last year.
“We’re seeing a greater appreciation that exchange rates are complicated things,” the president of the U.S.-China Business Council, John Frisbie, said. “There’s also a growing recognition that China is now our third-largest export market and that punitive measures to get China to move probably aren’t going to get you to whatever the goal is.”
China and the United States are the two largest importers of oil and largest purchasers of cars. China is also the world’s biggest consumer and producer of coal, and pollution from its coal-fired industries is believed to be a major factor in global warming.
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