Cheaper ASEAN exports

Cheaper ASEAN exports

BEIJING (AFP): Chinese central bank governor Dai Xianglong
said yesterday he was nonplussed by sharper export competition
from Southeast Asian nations after the devaluation of their
currencies.

"Some countries in Southeast Asia have enhanced their export
ability because of their currency devaluation and this has added
a competitive edge to those nations compared with China," said
Dai, who is governor of the People's Bank of China.

"But their exports are different in terms of products and
export markets and I do not think there will be a major impact of
China's exports," he told a media briefing.

The Thai baht, Malaysian ringgit, Philippine peso and
Indonesian rupiah have all devalued in the last month following
intense currency speculation in the region.

"In the second half, China's foreign trade exports will
continue to enjoy a surplus, foreign reserves will increase and
China's international balance of payments will not be affected,"
Dai said.