May 25 (Bloomberg) -- China is under growing pressure from Asia, Europe and the U.S. to revalue its currency. Until recently, it even looked like we were about to embark on a sustained process of yuan revaluation fairly soon.
The Greek crisis may have changed that. The 15 percent slide in the euro’s value against the yuan over the past six months has eroded Chinese competitiveness in the market of its largest trading partner: the European Union.
Comment: Along with global stockholders, the hardest hit victims of the Greek comedy appear to be US and Chinese exporters. There won't be a recovery in the US and the Chinese export boom is coming to an end as long as the pressure on the euro will continue.