Beijing is the 2nd-most costly Asian city for expats: Survey
SINGAPORE (AFP) - Beijing is the second-most expensive city in Asia for expatriates, jumping up the ranking from fifth place last year, while Tokyo still tops the list despite a sharply weaker yen, a survey showed on Thursday.
However, Tokyo was toppled as the world's most expensive city by the Venezuelan capital Caracas, falling globally to 10th place owing to the softer Japanese currency, according to the survey by management consultancy firm ECA International.
"Although the Chinese government has allowed the renminbi to appreciate steadily against the US dollar and food and oil prices in China have been rising, Beijing's jump up the ranking is largely due to Japanese locations becoming so much cheaper because of the weaker yen," said Mr Lee Quane, ECA's regional director for Asia.
The dollar is currently trading at around 102 yen, from 80 yen levels last year.