Re a 'strong brand', exports steady: Exim Bank on Yuan impact

With China devaluing its currency to boost sagging exports, Exim Bank today tried to soothe jittery nerves saying the exports were comparatively steady than other countries and fundamentals of the economy remained strong.
"It is still early to say anything on the impact of yuan devaluation on Indian exports. But there is no need to panic at the moment," Chairman and Managing Director of EXIM Bank Yaduvendra Mathur said.
Speaking at the FICCI Banking Conclave here, Mathur said India's exports were comparatively steady than other countries and the fundamentals continued to remain strong.
"What I feel is, by devaluing the yuan, China is trying to export away inflation and making an attempt to dent the dominance of the US dollar," Mathur said.

"This is a temporary phase and the rupee is a strong brand and investors should not panic. The fundamentals are strong," he said adding, people engaged in currency speculation should be actively discouraged.
On EXIM Bank, Mathur said the it was aiming at a growth in disbursals of 10 to 15 per cent, adding it stopped giving short-term finance as commercial banks were already doing that.
EXIM Bank raised USD 700 million through bonds this year so far, out of which a portion was in yuan, he said.