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The sharp appreciation of the yuan against the Euro and the other currencies would make China think of depreciating the yuan against the dollar rather than expectations of appreciation by most non-Chinese Countries.The 15% Euro depreciation due to the Greek Contagion has had a devastating effect on low margin Chinese companies which run on paper thin margins.To think of appreciation in such a situation would be suicidal for the authorities as they would face mass unemployment from the export industries going bankrupt

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