Chinese Textile Makers Advance on Yuan Depreciation

    Dec. 4 (Bloomberg) -- Ningbo Shanshan Co.??Jiangsu Holly Corp. led Chinese textile manufacturers higher in Shanghai on expectations the weaker yuan will boost overseas sales.



Shanshan, the suit??casual wear maker, advanced 6.6 percent to 5.86 yuan at the close. Holly, the producer of hand- knitting thread, surged by the 10 percent daily limit to 13.86 yuan. Zhejiang Zhongda Group Co., the apparel maker, jumped 10 percent to 9.91 yuan, compared with a 1.6 percent gain on China's benchmark CSI 300 Index.



The yuan traded near a five-month low against the dollar today. The Chinese currency traded at 6.8838 per dollar as of 2:22 p.m. in Shanghai,??6.8830 yesterday, according to the China Foreign Exchange Trade System. The currency is allowed to move by up to 0.5 percent against the dollar on either side of the reference rate.



Vice Premier Wang Qishan said China will ``take all measures'' to stabilize overseas shipments, the official Xinhua News Agency reported on Dec. 2. Export growth slowed to 19.2 percent in October, the least in four months.



A weaker currency makes Chinese shipments less expensive in the global market. China is the world's biggest garment supplier.



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