Chinese exporters shun flagging dollar

[gulfcoastliberal]

Rising numbers of Chinese exporters are shunning the US dollar or devising ways to offset the impact of the falling currency as they confront rising labour and raw material costs at home.

According to Alibaba.com, the online company that matches Chinese suppliers with international buyers, the vast majority of their almost 700,000 Chinese suppliers no longer use dollars to settle non-US transactions to minimise foreign exchange risk.

“They are moving to euros, pounds, Australian dollars or even quoting prices in renminbi,” David Wei, chief executive, told the Financial Times. Moreover, he added, prices quoted in dollars were now often valid for just seven days compared with the 30-60 days common previously.

The dollar has long been the currency of choice for Chinese and other exporters around the world. However, the impact of its recent weakening has led exporters to begin questioning its place as the de facto world currency.

http://tinyurl.com/4r4s9o

[CountAllVotes]

1. buy Made in the USA!!

and to hell with CHINA and all of their junk, including my MedicAlert braclet made in China and recalled for having lead in it. :mad:

:dem:

[notesdev]

3. I never understood

why anybody thought it would be a good idea to ship industry to China, then give Most Favored Nation status to a nation that makes goods with slave labor.

[Systematic Chaos]

2. Sorry, but neither Hillary nor Obama nor St. Peter is ready for this shit.

It's gonna be interesting to see how we cope as a third world nation with no manufacturing base and shortages of the most basic items because our Chinese masters have better things to do than ship them to us on credit. :grr: