RMB Appreciation &Nbsp; Textile Industry Under Impact

Despite the pain of the cancellation of export quotas, the textile and garment industry dominated by exports and materials processing was once again hit by the appreciation of the renminbi. The exchange donation has a direct impact on the listed companies in the industry.

The 58 listed companies of the textile and garment sector, except for "four ring creatures", "Jinlong shares", "Xinmin technology" and "Fujian Nanfang", had no exchange gains and losses, and the total exchange loss was 73535476.14 yuan. In 2005, the exchange earnings were 8895858.29 yuan, and the exchange losses in 2006 increased by 82431334.43 yuan, an increase of 9 times.

The net profit of the top ten textile and garment enterprises with the largest exchange loss reported in the annual report amounted to 437259531.1 yuan in 2006, 26.9 times the previous year.

In addition, the change of exchange gains and losses is also directly reflected in the stock value of textile and apparel listed companies.