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How does the fall of China's currency impact BC?

Chinese one-hundred yuan banknotes are arranged for a photograph in Hong Kong, China, on Wednesday, Dec. 26, 2012. China's yuan fell for a fourth day after the central bank set the currency's reference rate at a five-week low amid concern budget deficits in advanced nations will hurt the global economy. Photographer: Jerome Favre/Bloomberg
Summary

BC's main industries threatened because of fall in China's currency

VANCOUVER (NEWS 1130) – BC relies heavily on coal and lumber exports but an economist tells us that could be threatened because of the devaluation of China’s currency.

Lumber sales can be offset by more purchasing from the US right now but China is one of the biggest consumer of BC’s metallurgical coal. The commodity is already struggling on top of this.

“Devaluation in general by the Chinese currency should make it more expensive for Canadian exports,” explains Central 1 Credit Union Economist Helmut Pastrick

He says the Chinese economy has been under performing, and fall in the Yuan is being done to help exports there.

Pastrick says one positive thing may be people from China finding it more expensive to invest in BC real estate