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http://www.scoop.co.nz/stories/HL1508/S00064.htm Gordon Campbell on China’s devaluation, and Wolf Alice Thursday, 13 August 2015, 10:13 am Column: Gordon Campbell Gordon Campbell on China’s devaluation, and Wolf Alice As China’s currency takes the down elevator towards the basement – and after two days of decline no one knows how far down it will eventually go – its hard to see any good news for New Zealand. Our main export commodity (dairy powder) has already lost 70 % of its value over the past 18 months – and now everything we sell into our biggest export market (China) will cost more. Top use the ruling cliche, it’s a headwind. Demand will inevitably diminish, given that those much-prized customers in China’s emerging middle class will now have to pay more for New Zealand goods. Similarly, tourism from China – a recent bright spot for us – will also come under pressure, as Chinese tourists discover the bad news that their money will buy less, abroad. [....]

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