Walmart Seeks Price Cuts From Vendors on Goods Made in China

Walmart (WMT) is upping the pressure on its suppliers to share the profit made on the devaluation of the Chinese yuan. Reuters reports that Walmart is seeking cost cuts from more than 10,000 suppliers ranging from 2 to 6 percent on various 'Made in China' products. According to reports the retail giant is looking to pass on the savings to customers and keep prices of goods low. Walmart is a force to be reckoned with, raking in almost $500 billion in sales annually. It's not the first retailer to demand benefits from the cheaper yuan. After China devalued its currency nearly 2 percent in August, companies like Toys R Us and Home Depot (HD) have also been looking to vendors for cost savings. The weaker currency has made exports cheaper, especially when purchased with the strong dollar.