China policy on yuan good for RP exports – NEDA chief

China's decision to ease the yuan from the US dollar can boost the Philippine export industry, acting National Economic Development Authority (NEDA) Director General Augusto Santos said Tuesday. “That is good news for us because it means that China will be in a position to buy more of our exports, because that will mean the Chinese yuan will become more expensive on the part of China to export than to import. That means they will have the penchant to buy more and that's good news for us in terms of our Philippine exports," he said. The People's Bank of China, China's central bank, said on Saturday it would allow the yuan more flexibility against the dollar by lifting its peg off the US currency. Santos allayed fears letting the yuan seek its own level against market forces would lead to higher oil prices in world markets after crude prices rose following China’s announcement. —Nikka Corsino/VS, GMANews.TV