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Yuan Revaluation Could Benefit China's Domestic Stocks

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cash_1 June 22, 2010 (Chinavestor) News that China will relax the Yuan's peg to the U.S. Dollar could benefit Chinese consumer and infrastructure stocks, according to Iowa-based Principal Global Investors, which manages $222 billion in assets for institutions. The firm views the Yuan revaluation move as further evidence Beijing is trying to reduce its dependence on exports in a bid to bolster its domestic economy.

The Yuan has been valued 6.83 against the U.S. Dollar since July 2008 when China prevented its currency from appreciating to protect the country's exporters at the onset of the global financial crisis. The investment community believes a stronger Yuan will give China a more flexible monetary policy and the ammunition to combat inflation.

China’s central bank said it was prepared to resume appreciation because the “upturn in the Chinese economy has become more solid” and that a stronger yuan would help curb gains in consumer prices, according to Bloomberg News.

Principal Global added Chinese stocks could be volatile in near-term, but the long-term outlook remains favorable.



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