The online UK retailer of Chinese porcelain, paintings and decorative items Chinese Art in Scotland (www.chineseartinscotland.co.uk), which has long time priced its stock in US dollars, is to revert to UK sterling pricing.
A spokesman said yesterday, ‘The US dollar has strengthened against the pound sterling dramatically in recent months. In our view, the dollar is now overvalued and evidence has emerged, speaking recently to Chinese dealers, that they are actively discouraged now by dollar pricing, associating it with poor exchange rates. Both income from actual sales and potential sales have accordingly been affected.
‘We have several hundred items for sale online and by December 1 all will be re-priced using the £sterling.’
The ‘Chinese Art in Scotland’ Home Page
There was a time a few years ago when Chinese buyers were more familiar with the US$ than any other foreign currency. As China has internationalised in its approach to foreign trade, the benefit of using the $ has been diminished.