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The Euro "Hurt" The Export Enterprises Of The Yangtze River Delta

2010/6/19 14:33:00 29

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Though yesterday

Tongxiang, Zhejiang

The weather is exceptionally clear and the highest outdoor temperature reaches 30 degrees centigrade. But for the largest glass fiber enterprise in, the deputy general manager of the company's foreign sales company is not as bright as yesterday's weather.

The middle price chart of the people's Bank of China shows that in May 25th, one euro fell to 8.4062 yuan against the renminbi, and one day before May 24th, the exchange rate of one euro to the renminbi was 8.5404. In May 21st, it was even higher, at 8.5427 yuan, and 0.1365 yuan less than five days.

Zheng Li said frankly.

Euro

The devaluation of their businesses is also very serious.

Labor intensive enterprises suffer double blow

Zheng Li told reporters that their company exported more than 70 thousand tons of glass fiber to Europe in the first quarter, about 90 euros per ton. If the euro did not depreciate, they could get 9 million 900 thousand yuan, and now only about 7 million 600 thousand yuan.

"One quarter is less than 2 million 300 thousand yuan, and it will lose 9 million 200 thousand yuan in one year."

For the labor-intensive enterprises with a very thin profit margin, such exchange rate changes and anti-dumping duties make them feel a bit too much to eat.

Zheng Li said that in order to export business, they also set up production and trading overseas companies in South Africa, South Korea, Italy, Canada, India, Spain and other countries and regions.

But the devaluation of the euro has had an unprecedented impact on their exports to Europe.

With the same situation as the giant stone group, there are still some others.

Clothing export

Enterprise.

An unnamed clothing company foreign trade personage said that their profits had not been as large as the exchange rate increase, and now they are not profitable. European buyers have also shifted their orders to other Southeast Asian countries.

Some of the more powerful garment factories began to set up manufacturing plants in Vietnam and other countries, with a view to reducing the overall loss of enterprises.

The US dollar settlement is still not optimistic.

Compared with the giant stone group, the Tongxiang foreign trade group Limited by Share Ltd will be much better, because they use the dollar to settle the settlement.

Tang Xiaoyan, director of the Limited by Share Ltd Office of Tongxiang foreign trade group, said that the settlement of the euro made them lower the risk of exchange rate.

But the pressure on the US dollar to appreciate the renminbi is also very great.

Michael PettIS, a professor of finance at Peking University and a researcher at the Carnegie foundation, believes that Asia, Europe and the United States are all asking for appreciation of the renminbi. The pressure on China is growing. Before it looks as though we will soon enter a process of RMB appreciation, the recent situation is not.

"The Greek crisis may change the situation".

Michael Pettis said that the euro has depreciated by 15% against the yuan in the past 6 months, eroding the competitive advantage of China in its largest trading partner market, which is the European Union.

More importantly, many of Europe's trade deficit countries, such as Greece, Portugal and Spain, are facing financing difficulties.

Without net capital inflows, these countries can no longer maintain the current account deficit.

As expected, China worries about the weakness of the euro, which calls for caution in the policy making of RMB exchange rate adjustment.

Michael Pettis said that from a trade weighted perspective, the yuan has risen sharply, and the demand for China's main trading partners may shrink, so that even if the renminbi does not appreciate, Chinese exporters will be under severe pressure.