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Yuan devaluation unlikely to affect Fijian economy

August 17, 2015 6:20 am

Westpac Australia senior economist Justin Smirk says Fiji should not be worried about the devaluation of the Chinese Yuan.

Smirk made the comment as the Chinese currency dropped by 4.4 percent last week and it is being dubbed as the biggest devaluation in decades.

“I think that the Chinese will be here for quite a long time engaging in the region. They have large sums of capital that they have accumulated over the years of rapid growth so I think that the Chinese demand for Fiji products will remain solid.”

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China and Fiji have been strengthening their relations over the past few years and the Chinese government has committed to funding several infrastructure projects in Fiji.

Smirk is in the country for various speaking engagements including the annual CPA Congress in Nadi later this week.

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