Watch VideoPlay Video
While people are talking about the appreciating yen's influence on the world economy, villagers in China's Fujian province are also keeping an eye on the Japanese currency's value. That's because many of the villagers are working or doing business in Japan.
Over 100 villagers from Fuqing City's Dongting Village are working in Japan. They send back their earnings in yen, where the Japanese currency is exchanged into yuan. So it's no surprise that villagers are invested in the yen's exchange rate.
Villager of Dongting, Fujian Province said "I just exchanged ten thousand yen into nearly 800 yuan RMB."
The Japanese currency is low-yielding, and fluctuations are dramatic. As a result, villagers don't usually keep yen in hand for long time. Once they exchange yen into yuan, they use the money to build houses.
Fu Guorong is starting construction on his house.
Chen Guorong, Villager of Tongting, Fujian Province said "I often watch the exchange rate. If the yen becomes more valuable, I will go and sell my yen for RMB."
The same scenario is played out in other nearby villages. All the residents are keeping an close eye on the yen's value, and won't waste any time in off-loading their cash.
- Japan concerned about stronger yen 2010-08-13