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China should beware of the impact of one-way appreciation of the yuan on exporters, as it could dampen the job market with small exporters hurt by reduced profits even though the overall exports remain strong, wrote Guan Tao, a former forex regulatory official and global chief economist at the BOC International in an article published on Yicai.com. A 4% appreciation of yuan against the U.S. dollar would already have made exporters unprofitable, and the yuan has already gained 12% in the past year, said Guan. As the economy is still recovering, the importance of stabilizing foreign trade is not in earning foreign exchange, but protecting exporters that create jobs, according to Guan.