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To answer the second question, I don't believe a higher value of the yuan will "cripple" their exports. However, it will likely not improve their export position.
You can go here for historical trade balance figures between the US and China. http://www.census.gov/foreign-trade/balance/c5700.html
Just briefly, the imbalance (on our side) was $-232.5 billion in 2006, $-256.2 billion in 2007, $-266.3 billion in 2008, and $-20.5 billion in January of 2009. But you can see the month-by-month data on that website.
You can go here for historical trade balance figures between the US and China. http://www.census.gov/foreign-trade/balance/c5700.html
Just briefly, the imbalance (on our side) was $-232.5 billion in 2006, $-256.2 billion in 2007, $-266.3 billion in 2008, and $-20.5 billion in January of 2009. But you can see the month-by-month data on that website.
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In 2009, Chinese imports and exports are down about 20 percent from 2008. Increased unemployment and plant closures have resulted.
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Professor John Wong, Research Director of the East Asian Institute
Wong says, "Falling Chinese exports will not derail China’s economy. Chinese exports still grew 17% in 2008, down from the decade average of 20%. Falling Chinese export impact raw material suppliers countries such as Korea and Japan."