Yuan Gain May Alter Global Growth More Than Velocity

China’s shift toward a stronger exchange rate may alter the shape of the world economy’s expansion more than its speed, economists said.

Chinese consumers might buy more as the rising yuan boosts their purchasing power, while their counterparts in the U.S. cut back on their spending as the cost of goods imported into America rises. The shift will add 0.1 percentage point to global growth this year and next, leaving the rate at about 4 percent, according to the median of 17 forecasts in a Bloomberg News survey of economists.