Manufacturers fail to profit from weak yuan

Chinese machinery manufacturers have found it difficult to profit from the recent depreciation of the renminbi in the short term, company executives said.

Exhibitors from the machinery sector at the 120th Canton Fair in Guangzhou, Guangdong province, said the yuan depreciation, to its lowest level in six years against the dollar, had limited effect in boosting their business.

That was because many importing countries were themselves encountering depreciation pressures on their currencies - and some domestic manufacturing rivals had instigated a price war.