Uneven Impact

LOSERS

Exporters lose out because their costs for labor, land, and other inputs (except imported components) are denominated in yuan while most of their revenues are in dollars. Companies with plentiful international assets, without corresponding levels of foreign debt, will take a hit.

Wealthy mainlanders who have money stashed away in foreign banks will see the value of their holdings shrink.

WINNERS

Chinese consumers, from the Beijing family planning a trip to San Francisco this summer to the Shanghai teenager with a hankering for a pair of Nikes, stand to benefit.

Businesses that serve the domestic market—steel mills that buy Brazilian iron ore to make I-beams, boutiques that stock foreign fashions—win because their cost of imports will fall.

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