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Yangcheng Evening News: Renminbi over the Limit of Affordability for Enterprises in Guangdong

The Economy and Information Committee of Guangdong Province published a news briefing on October 26. In it, the leaders of the Committee explained that the appreciation of the Chinese renminbi is already over the limit of affordability for most industrial enterprises in Guangdong Province. If the renminbi continues to strengthen in value this year, the majority of enterprises that export products and have a low profit margin will be unable to maintain normal operations and will therefore fold. The Deputy Director of the Guangdong Economy and Information Committee, Li Xiongming, said that the enterprises in Guangdong Province currently can only afford a two percent appreciation of the renminbi per year.

Yangcheng (Canton) Evening News, October 27, 2010