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Won-yuan exchange rate drop to its lowest in nearly three years

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The Korean won has hit the highest level against the Chinese yuan in nearly three years. The Korean currency hovered around one-hundred-63-point-two won to the yuan in late Monday morning, appreciating by nearly 10 percent since the beginning of February. The won's value is the highest against the yuan since July 2011. Korean exporters say they are worried about the strengthening won as it hurts their price competitiveness against their Chinese rivals at a time their shipments to China show signs of falling. Korean exports to China fell by more than nine percent to 11-point-three billion U.S. dollars in May from a year earlier, according to the trade ministry.
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