First, EM currency appreciation has stopped since 2011 following a period of strong currency appreciation following the global financial crisis.
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Rather, he believes that the government authorities see the appreciation of the Chinese currency as a long-term, structural adjustment.
For instance, Zambia's burgeoning tobacco and horticulture, which were encouraged in order to make the country rely less on copper, are struggling to cope with a sudden appreciation of the local currency, driven up by high copper prices and aid money.
Couple that with the stealth appreciation of the currency and gains resulting from a looser peg could prove elusive.
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Besides the Israeli shekel, the other main exception is the South Korean won which, as a result of currency appreciation, is now 8% overvalued against the dollar.
The carmaker says that one yen of appreciation for the Japanese currency translates into a 30 billion yen hit to its bottom line.
In the two days following his speech, the peso fell by 5% against the dollar, ending a month of steady currency appreciation, though it has since edged up again.
The recent sharp appreciation of the single currency did not "signal a serious overvaluation", Jens Weidmann argued in a speech that came at a time of rising fears the eurozone stands to lose most in a global currency war.
Gross margin was 12.5%, down from 13.4% a year ago, a slip the company blamed on appreciation of the Chinese currency.
Brazil, on the other hand, has had to deal with a loss of competitiveness due to an extreme appreciation of its currency, the real, as capital flows flood its massive, fast-growing economy.
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Barclays recommended in a note to clients late Wednesday that they should anticipate further appreciation in the Brazilian currency, the real, with a target of BRL1.50 over the next three months.
For the buyers, obtaining a higher interest rate than is available from bank deposits, as well as the ability to purchase a yuan-denominated security and to benefit from the appreciation of the Chinese currency that many expect in the coming years are the main attractions of dim sum bonds.
The growing trend of multinationals shifting some of their product sourcing from China to other countries in Asia has been driven by a combination of rising labor costs, worker shortages, inflation, currency appreciation and changing policies.
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The problem in Brazil is not so much currency appreciation, but how its consumption based economic model interacts with a strong currency, says Tony Volpon, head of Latin America research at Nomura in New York.
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