The fact that a 21 percent increase in the value of the Yuan was met with a 38.7 percent increase in import value means that the quantity of Chinese imports demanded increased by nearly 15 percent after the price change.

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The allegation itself is entirely nonsense of course: the rise in UK food prices is largely because the currency has fallen in value and we import 40% of our food.

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Copper has more than doubled as a share of total import value during this time as well.

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Now, China, Korea, a whole bunch of Asian nations would love to import some high-value-added, high-tech stuff that could create huge numbers of jobs here in the United States.

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The raising of the value of the Yuan can make it less expensive for China to import oil and other commodities but can also increase the price of oil to the U.S. consumers as the value of the dollar continues to decline.

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Acceding to De Beers's requests for secrecy, it refuses to disclose figures on the import and export of rough diamonds, their origin or their value.

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In particular, import growth is likely to be held back by a decline in the value of petroleum imports.

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