BEIJING - A year-on-year drop in the value of China's newly signed overseas contracts in the first three quarters of 2010 was partly due to Chinese companies seeking to avoid risks caused by the appreciation of the currency, the yuan, a senior official said on Monday.
The lure of the silver screen looms ever larger"Currently, companies take yuan appreciation into full account when signing contracts overseas," Chen said.
During the first nine months of the year, China's turnover of contracted projects overseas reached $59.32 billion, up 16.6 percent from one year earlier. However, the value of newly signed contracts fell 6.5 percent to $81.98 billion.
Additionally, the fluctuation in the value of new contracts was normal and the growth momentum of China's overseas contract business remains generally good, Chen added.
