SINGAPORE: Ong Khim Kiat, a Singaporean businessman who engages Chinese factories to build hand tools like hammers and pliers for his manufacturing firm, has seen the rising Chinese yuan crimp the profits of his business.
While these factories in areas like Jiangsu and Zhejiang have not raised their prices, the yuan’s value – at its highest in 20 years – means that his costs are higher in Singapore dollars.
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