2010-03-26

U.S. executives afraid to speak out, Chinese executives speak out

What a change in scenery. U.S. executives are afraid to talk about the yuan because of social and political backlash. Meanwhile, in China, executives (of companies that will benefit) are talking up yuan appreciation.
U.S. companies suddenly shy over China yuan squabble
At the same time, U.S. CEOs are reluctant to be perceived as standing up for China, Klein said. "They have nothing to gain from that."

Reuters approached more than half a dozen major companies with significant business in China for this story but all declined to comment.

China CEOs Join Obama in Supporting Yuan Appreciation
Yang Yuanqing, chief executive officer of Beijing-based computer maker Lenovo Group Ltd., said gains would boost consumers’ purchasing power. Qin Xiao, chairman of China Merchants Bank Co., said an end to the yuan’s 20-month peg to the dollar would let lenders set market-based interest rates. Chen Daifu, chairman of Hunan Lengshuijiang Iron & Steel Group Co., said a stronger currency would cut import costs.

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