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04-01-2008, 06:33 PM #1
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Chinese Exporters Avoid Dollar, Former Reagan Advisor Doesn'
Chinese Exporters Avoid Dollar, Former Reagan Advisor Doesn't Mind
Tuesday, April 1, 2008 11:24 a.m. EDT
The dollar’s decline has resulted in more than foreign central banks looking to diversify out of the currency. Chinese exporters are increasingly favoring non-dollar currencies as well.
Alibaba.com, an Internet broker that connects Chinese exporters to foreign buyers, told the Financial Times that a large majority of its 700,000 Chinese clients have turned away from dollars in settling their transactions with non-U.S. buyers.
The reason: the dollar’s drop makes holding the currency less attractive.
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