Dhaka to gain in export from yuan appreciation
BDNEWS, Dhaka
Bangladesh is likely to gain in export competitiveness, but lose in imports as a result of the Chinese currency deregulation that appreciated the yuan by 2 percent Thursday, analysts said. China, which has emerged as one of the largest sources of imports for Bangladesh in recent times, opted for a "managed floating exchange rate regime" following pressure from the US leading to the appreciation of its currency. BGMEA President Annisul Haque said the export of Bangladesh may not benefit substantially as the two countries have only a few common export items. But, the prices of the so many goods imported from China would increase remarkably, Haq said. President of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) Fazlul Haque said the step will make Dhaka's import expensive and exports more competitive. He voiced his optimism that the initiative would ease the competition in garments exports, as the production cost of Chinese goods would increase. Sayful Islam, president of the Dhaka Chamber of Commerce and Industry (DCCI), said the step would make imports from China costlier.
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