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The sudden, though not unexpected,appreciation of yuan, or China's currency, was by no means good news for Chinese exporters that were struggling to survive amidst throat-cutting international competition.

China abruptly allowed its currency to appreciate by a modest 2percent on July 21, but said its exchange rate will not float by abig margin. The yuan is pegged at around 8.28 to the US dollar since 1994.

Yuan rise was first perceived as a deadly blow in east China's Zhejiang Province, one of the country's leading exporting bases and home to a multitude of suppliers that "flood" the world the market with cost-effective garments, shoes, toys and diverse othermerchandises.

In the first five months of this year -- the most recent time that figures are available, the province reported 16.1 billion US dollars of trade surplus, the biggest among all Chinese provinces and municipalities. The province's exports in the five months period totaled 28 billion US dollars, according to the provincial foreign trade and economic cooperation department.

"Most foreign traders see a dim future now that the appreciation of yuan will weaken the competitiveness of Chinese export products and may even affect the very existence of many trading firms," said an official in charge of foreign trade based in the provincial capital Hangzhou.

"Again, textile and garment firms will suffer the most," he said in an interview with Xinhua Thursday, but declined to be named.

Textile industry: between hammer and anvil

Chen Chao, whose privately-owned business exports garments and toys to Europe, America and the Middle East, spent hours on his calculator the night he learned of the yuan appreciation.

"Before the yuan move, the average gross margin was only 0.5 yuan -- or six US cents -- for each US dollar worth of export," hetold Xinhua. "That meager profit will be slashed by one third withyuan's two percent revaluation."

Chen said he had to renegotiate prices with his clients. "I'll have to suffer the losses if they don't accept any price hike."

He said China's textile industry is in hot water, troubled by the yuan appreciation and the United States restrictions on exports of certain lines of Chinese products.

Despite several rounds of talks, China has not been able to strike a much desired, European Union-type agreement with the US pertaining to its textile exports.

"The US used to be one of the largest destination markets of Chinese textile products," said Chen. "Today, however, many companies dare not receive further orders from their US clients."

Despite a hard-won deal reached between China and EU on June 11, uncertainties abound in Sino-EU textile trade as well because of the mutually agreed restrictions on certain exports and yuan's rise against the euro, Chen said.

The China Chamber of Commerce for Import and Export of Textileshas predicted that in the second half of this year, about 30 percent of China's 19 million textile workers will lose their jobsbecause of the restrictions from the EU and the United States.

　　Subsistence concerns

The textile industry is not the only one troubled by the yuan rise. In fact, many exporting companies are concerned over their very subsistence now that the profit margin in export trade is sharply narrowed.

"It's like you wake up in the morning, and find some of the company's assets have evaporated," said Zhou Wei, an executive with China's second largest shoemaker, IDID. Based in Wenzhou, a major manufacturing base in Zhejiang Province, "Yuan rise came alltoo suddenly," he told Xinhua.

The losses are more than depreciation of the US dollars in yourbank account, he said. "You have to bear the losses in export orders you signed before the yuan move. Even in the future, abruptprice hikes may still affect your own business."

The situation will ultimately harass Chinese factory workers. "When the factories are in the red, their workers will get even lower pay," said Li Wei, worried about the Chinese factories that produce garments for the Latin American fashion company she represents.

Mr. Ye, an exporter of bags and suitcases based in Hangzhou, said his company has lost several thousand US dollars in the past two months alone. "Plus the losses incurred by anti-dumping investigations from overseas importers in the first half of this year, I fear the company will be in the red."

Benefits looming

Though yuan rise has triggered outcries from many businesses, experts say the move will benefit Chinese industries in the long run.

A researcher with Zhejiang Provincial Academy of Social Sciences said revaluation of yuan will protect Chinese industries from punitive taxes or other means of trade retaliation from othercountries.

The slight rise of the yuan can also help adapt China's foreigntrade to the new challenges and shift from the former quantity-centered to a quality-oriented means of growth, said ShenDanyang, a specialist with the research arm of the Ministry of Commerce.

"Most export products have room for price rise," he said, "and the rise of yuan is just an alternative way of price hike and can improve the profitability of China's exports in the long run."

Chen Chao, a private business owner in Hangzhou, said the Chinese government has chosen to appreciate the yuan in July, a slack season for garment exports. "This has already minimized the losses of textile exporters," he said.

Despite the problems and challenges most businesses are facing right now, Chen said yuan rise will help straighten out the foreign trade market order. "It will hopefully iron out improper dealings by certain firms that used to impair the overall interests of Chinese exporters."

Dr. He Fan, a world economy specialist with Chinese Academy of Social Sciences, believes yuan appreciation will facilitate betterallocation of resources.

According to He, take shoemaker IDID for example, its export price for each pair of shoes is between 15 and 20 US dollars, 10 times the average price reported by small shoemakers in Wenzhou.

"The fittest can survive," he said.