BEIJING (AP): Dependent on exports to the United States, the Hebei Lihua Hat Co. saw its profits wiped out as China's currency rose steadily against the dollar over the past year.
Hebei Lihua, which sold 90 percent of its 4 million hats to overseas markets last year, fought back by pushing its 1,800 workers to cut waste and find cheaper raw materials. It tried to boost revenues by introducing a new waterproof hat.
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