Yuan rises to record high against US dollar
The paper quoted Shanghai International Sourcing Promotion Center as saying that due to the rising raw material prices and yuan appreciation trend, the cost advantage of "Made in China" has been cut by close to 20 percent. Many purchasing orders of consumer goods have transferred from China to Southeast Asian countries and Romania.
However, the center added that 70 percent of the multinational companies surveyed are still willing to source from China, especially industrial goods including automobile parts, castings, and machining parts.
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