It seems to me that revaluation of the yuan is becoming more and more compelling.
Chinese Trucks Idle as Protests Continue
By JAMES T. AREDDY And BRIAN SPEGELE
Associated Press
SHANGHAI—As protests by truckers flared into a third day in China's biggest port city and shippers offered the first indications that trade is being slowed, idled trucks illustrated how inflation worries could gum up the world's No. 2 economy.
The truckers' demonstrations and work stoppages, which began Wednesday, are perhaps the starkest sign yet of the widespread public frustration over inflation in China that has persisted despite six months of tightening moves by the government. Truckers have gathered at port facilities to demand higher incomes, citing rising diesel costs and new dock fees.
On Friday, at least 100 parked flatbed trucks at a lot in the city's northern Baoshan district offered evidence of the drivers' resolve to persist with the strikes, which they say will continue until their demands for financial relief are met. There were also signs of the violence that has sometimes affected the strikes, such as a broken truck windshield.
One driver said the strikes will continue "until the government says something. The government isn't saying anything." The driver said it was more economical to pay the monthly parking-lot fee of 500 yuan, or $77, than to work. The lot was so crammed that walking under vehicles was the only way to move between some trucks. More than a dozen people interviewed at the site declined to provide their names, saying police had detained other drivers.
Trucking is a key component at the Port of Shanghai, the world's busiest container handling port in 2010. Last year almost 80,000 containers a day moved through its multiple locations. Some shipping analysts said they aren't worried about major disruptions.
But several shipping and logistics companies in Shanghai said Friday they were being squeezed. Shanghai Li Wan International Freight Co., a logistics firm, said roughly 60% of its containers were stuck as a result of the strikes. "There's nothing clients can do," said an official at the firm. "Only a few of the containers are still sneaking out."JC Trans Logistics Inc., one of China's largest logistics companies, said its operation was affected because it said containers have been unable to enter Shanghai's terminals. "Our customers have expressed understanding," said an official with the company, who also declined to be identified. The official said the company expected the dispute to be resolved quickly.
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