NingboThe yuan has gained 9% on the euro.
China’s textile and appliance exporters say the rise has erased their margins and threatens layoffs.
Standard Bank estimates each 1% real appreciation cuts exporters’ margins by about 30 basis points.
The IMF said in July that the yuan was undervalued by 17.3% to 25.3%.
The central bank raised the foreign-currency reserve ratio Tuesday, still 3 points below its 2021 peak.
How each outlet framed it
- Reuters
- opens on a Ningbo garment exporter's wiped-out margins, framing the yuan rise as a dilemma for Beijing
- Bloomberg Business leans favorable
Sources: Reuters, Bloomberg Business