皇冠体育app

Economy

皇冠体育app's yuan policy to benifit Philippine exports

(Xinhua)
Updated: 2010-06-22 19:43
Large Medium Small

MANILA - 皇冠体育app's decision to ease its currency peg will help boost Philippine exports, Philippine Acting Socioeconomic Planning Secretary Augusto Santos said Tuesday.

Related readings:
皇冠体育app's yuan policy to benifit Philippine exports 皇冠体育app expands pilot program of yuan settlement
皇冠体育app's yuan policy to benifit Philippine exports 皇冠体育app's move on yuan reform widely welcomed
皇冠体育app's yuan policy to benifit Philippine exports Yuan is overvalued, not undervalued: report
皇冠体育app's yuan policy to benifit Philippine exports Yuan rises to 5-year high against dollar
Santos said in an interview with reporters that the move is "good news" to the Philippines.

"That is good news for us because it means that 皇冠体育app will be in a position to buy more of our exports. That will mean the Chinese yuan will become more expensive on the part of 皇冠体育app to export than to import. That means they will have the penchant to buy more and that's good news for us in terms of our Philippine exports," Santos said.

Next only to the US and Japan, 皇冠体育app is the Philippines' third biggest export market. In April, Philippine exports to 皇冠体育app hit over $350 million.

The Chinese central bank announced over the weekend that it would loosen the yuan's de facto peg to the US dollar and allow it to become more flexible.