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Textile And Clothing Provinces Are More Affected

2008/4/12 11:27:00 58

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Textile And Clothing Provinces Are More Affected.

Yesterday, the people's Bank of China authorized the China foreign exchange trading center to announce the first appreciation of the RMB exchange rate against the US dollar in the inter-bank foreign exchange market, "breaking 7".

Geng Shuping, Secretary General of Hebei Textile Association, told reporters that Hebei, as a major province of textile and clothing, was greatly affected by the pressure of RMB appreciation.

Geng Shuping said that the average gross profit margin of the textile industry is only 3.5% now. As the RMB exchange rate has fluctuated sharply this year, many foreign trade enterprises are afraid to pick up foreign orders and long lists. The inventory of grey cloth in the province has reached 23-33 days, hitting a high level of nearly 3 years.

According to his analysis, many former export enterprises have now turned to the domestic market, which has aggravated the price competition in the domestic market to a certain extent.

According to the relevant data, the international dependence of the textile industry is 40%, while the apparel industry is higher. Only from the price of products, the appreciation of the RMB will inevitably weaken the international competitiveness of the textile industry.

In addition, the accelerated appreciation of the renminbi will make the domestic commercial retail industry a direct beneficiary.

The appreciation of the renminbi in reducing the price of imported goods also enhances the actual purchasing power of domestic consumers, thereby enabling the retail businesses to benefit directly.

As for people's financial management, Hao Yan of the Shijiazhuang branch of the Bank of Communications said that for people who have dollars in their hands, if there is no need to travel abroad or study abroad in the near future, they should settle the foreign exchange as soon as possible and convert them into euros or RMB.

For foreign exchange traders, we should pay close attention to the change of currency value. At this time, when the US dollar depreciates against the RMB, we should consider other currencies such as the euro and avoid the US dollar as far as possible.

At the same time, he believes that the continued appreciation of the renminbi has limited impact on foreign exchange traders.

In general, the average annual foreign exchange earnings of full-time foreign exchange traders can be kept at 6%.

This appreciation makes the RMB "more valuable", which has a positive impact on our outbound tourism and study abroad, because the exchange rate of RMB is one of the considerations of these groups.

At the same time, due to the linkage mechanism between Hong Kong dollar and US dollar, this has also led to the devaluation of Hong Kong dollar to the renminbi, to a certain extent, to stimulate the mainland people to travel to Hong Kong and continue to study.

//cn.jxmmtv