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Update news yuan
The sudden depreciation of Chinese yuan against the US dollar brings more difficulties to Viet Nam’s yarn industry, according to Viet Nam Textile and Apparel Association.
A currency war could break out among a number of countries, Nguyen Tri Hieu, a finance expert told the press recently.
China’s yuan (renminbi) has remained above the sensitive level of seven to the US currency for the last three days, hinting that trade friction between the US and China is entering a dangerous phase.
The depreciation of the Chinese yuan against the dollar has raised concerns that Vietnam’s goods will become less competitive in comparison with Chinese goods if Vietnam does not devalue its currency.
VietNamNet Bridge - Will the increasingly high investments by mainland China, Taiwan, Hong Kong and Macau bring opportunities or challenges?
VietNamNet Bridge - Will the increasingly high investments by mainland China, Taiwan, Hong Kong and Macau bring opportunities or challenges?
Any ODA receiver who borrows yuan from China, including Vietnam, will be at a disadvantage because of the yuan appreciation and US dollar depreciation, economists say.