Yuan Gains Ground for Payments at Canton Fair, But Export Recovery Still Slow
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Chinese yuan gaining popularity for payments at Canton Fair, but export orders lag pre-Covid levels.
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Exporters see slow overseas demand recovery, expect domestic competition to intensify.
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More buyers from eastern Europe, Middle East, Southeast Asia ask for yuan quotations.
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Geopolitics cast shadow; most overseas buyers from Belt and Road countries.
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"Friendshoring" prompts foreign buyers to seek Chinese parts, components for local assembly.