London’s luxury boutiques may be hit by China’s currency crunch in ‘Golden Week’

Golden Week celebrations in Beijing, China

Broker Foenix Partners said China’s yuan had lost 10% of its value against the pound in the past six months, and that retailers and hoteliers were vulnerable. Managing director Richard de Meo said the bonanza may fall flat.

He warned: “In preparation for cash-rich shoppers, London’s luxury boutiques will once again install Chinese signage in their windows and have Mandarin speakers behind their counters but, with such a bleak economic backdrop, they should also be prepared for falling sales.”

Richard de Meo quoted in The Evening Standard

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