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China Falls Victim to Greek Deficit Contagion

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YES, YU TOO
"China is under growing pressure from Asia, Europe and the U.S. to revalue its currency," writes Michael Pettis. "Until recently, it even looked like we were about to embark on a sustained process of yuan revaluation fairly soon. The Greek crisis may have changed that. The 15 percent slide in the euro’s value against the yuan over the past six months has eroded Chinese competitiveness in the market of its largest trading partner: the European Union."
SOURCE:   Bloomberg

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