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ERIK AUTOR, NATIONAL RETAIL FEDERATION: You just can`t view this solely in the context of what the impact is going to be between China and the US It`s going to be the impact between China and the rest of the world

SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: A change of heart for China, it will now allow more flexibility in its exchange rate

TOM HUDSON, NIGHTLY BUSINESS REPORT ANCHOR: What it means for products made in China or if your company does business there

ANNOUNCER: You`re watching NIGHTLY BUSINESS REPORT for Monday, June 21

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GHARIB: Good evening, everyone China`s currency was the big topic for American businesses and investors today Tom, the Chinese yuan saw its largest single-day move in the last five years The rally came after China made the surprise announcement over the weekend that it would allow the market to set the yuan`s value instead of a formal peg to the US dollar

HUDSON: Susie, it really sped up a pretty interesting day for stocks, rallied on this news in the morning with some triple digit gains seen on the Dow Industrials, but as the day went on, the rally fizzled as investors worried about the impact of these changes on the global economy

GHARIB: That`s right So what does the rise of the yuan mean for American businesses? Darren Gersh reports

DARREN GERSH, NIGHTLY BUSINESS REPORT CORRESPONDENT: Yes, Wal-Mart buys more stuff from China every year than most countries, but analysts say you may have to look very hard to see a difference in the prices you`ll pay when you buy your kids` clothes

SHANG-JIN WEI: Wal-Mart as a global business, I think, will not be affected very much

GERSH: Shang-Jin Wei is director of Columbia University`s Chazen Institute of International Business

WEI: What I expect Wal-Mart to do is to try to get Chinese suppliers to cut down their costs, to cut down their margin and Wal-Mart being big, probably will get away from demanding that and get much of what it demands. Ed Hardy Jeans

GERSH: And while Americans worry about losing jobs to China, Chinese businesses worry their labor costs and currency costs will force customers to move elsewhere

WEI: I expect Wal-Mart to also look around and look hard for alternative suppliers outside China — in Vietnam, in India, Mexico and elsewhere They potentially can replace China

GERSH: What about US exporters? Boeing isn`t expecting a big boost. (Breitling). It takes years to deliver a plane and over that time currency prices bounce up — and down– muting any competitive advantage China is a top export market for Caterpillar The company is encouraged by Beijing`s currency moves. (Aigner). But when it comes to buying big equipment, it doesn`t see currency as the driving factor. (Franck Muller). The National Retail Federation`s Erik Autor says it`s important to remember competitors in Europe and Japan will most likely see their currency moving the same direction as the dollar

ERIK AUTOR, NATIONAL RETAIL FEDERATION: You just can`t view this solely in the context of what the impact is going to be between China and the US It`s going to be the impact between China and the rest of the world

GERSH: A rising currency does mean millions and millions of Chinese consumers will have more money to spend And that`s an opportunity for every US business, not just manufacturing in China, but selling there too

AUTOR: They are going to probably see an increase in sales as Chinese consumers find that the goods on the shelf in the stores in China are going to be cheaper, because their currency is worth more

GERSH: Most China experts expect the yuan`s rise will be gradual — just a few percentage points this year That`s not likely to satisfy critics in Congress, but it will assure the bottom line impact on US consumers and corporations is modest Darren Gersh, NIGHTLY BUSINESS REPORT, Washington

HUDSON: Let`s take a look at the stories in tonight`s NBR news wheel. fake clothes As we mentioned at the top of the program, some optimism about China`s decision to allow a flexible yuan really lost steam late in the session So there are the numbers The Dow lost eight The NASDAQ fell 20, the S&P 500 down four points Volume dropped off Friday`s pace both on the big board and over at the NASDAQ

Many troubled homeowners looking for help from the Obama administration are still in need The Treasury says more than a third of borrowers have dropped out of the mortgage rescue program. Cheap Clothing About 436,000 at risk homeowners have left the program in just the last 15 months The administration says borrowers can get help other ways But some analysts fear the majority of them could still wind up in foreclosure

And still ahead on the program, hammering out the new rule book for Wall Street as work continues in Washington this week We`ll talk to a lawmaker who`s been leading the charge on overhauling the financial system — Representative Luis Gutierrez of Illinois

GHARIB: A group of oil services companies went to court in New Orleans today asking a Federal judge to lift the Obama administration`s deepwater drilling ban The judge will decide by Wednesday whether to end the six month moratorium in the Gulf of Mexico Most of the 33 rigs working in water more than 500 feet deep shut down operations once the ban went into effect More than a dozen rig suppliers are suing, saying there`s no proof deepwater drilling is a threat and five more months of no work will cost 11,000 jobs The administration says that the halt is needed to be sure the wells are safe in the wake of the BP explosion and spill So far, BP has paid $2 billion as it continues to work to contain the gushing oil and pay claims for damages To date, more than 65,000 claims have been submitted and just under half have been paid, totaling about $105 million Today, the Coast Guard said work on the relief well that could permanently stop the leak is ahead of schedule But it`s still expected to be completed during the second week of August Tomorrow, our coverage on the oil disaster continues

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