Home >

Export Of Chinese Textile And Garment Products Is Blocked (1)

2010/6/26 15:22:00 44

??? 日本語 Fran?ais English 中文

With the passive appreciation of the RMB against the euro, the industry which is closely related to it has begun to be concerned by the market.

Especially by

financial crisis

The export textile and garment enterprises, which have not yet recovered, will again be hit by the European debt crisis after the US financial crisis.

According to central bank RMB exchange rate intermediate price, as of May 24th, the RMB to the euro 1:8.5404, the cumulative appreciation of 14.5% in the year.

Over the same period, the euro has depreciated by nearly 10% against the dollar in the same period.

RMB's passive appreciation against the euro

Trillions of aid programs have been temporarily curbed.

European sovereignty

The contagion of the debt crisis, however, remains skeptical about the rebound in the euro's exchange rate.

This year, the euro has fallen by nearly 14% against the US dollar.

Since the renminbi is actually pegged to the US dollar, it has led to a passive appreciation of the renminbi.

Ministry of Commerce spokesman Yao Jian said that from the beginning of this year to May 14th, the yuan had appreciated 14.5% against the euro.

In May 17th, the Ministry of Commerce expressed concern about the impact of the European debt crisis on China's exports, including the appreciation of the renminbi against the euro.

According to Yao Jian, spokesman of the Ministry of Commerce, Europe's overall economy will be dragged down by the Greek debt crisis. The EU's economic growth is expected to be about 1-1.5% this year.

Because the EU is China's largest export market, accounting for 16% of the trade scale, the European debt crisis will have an impact on the export of China as a whole.

The appreciation of RMB against the euro in the past five months "will give China a

Exporter

Huge cost pressures will also have an impact on the adjustment of trade policies.

Yao Jian, spokesman of the Ministry of Commerce.

Yao Jian said that as of May 14th, the yuan appreciated by 14.5% against the euro, which would cause huge cost pressures to our exporters.

Data show that in the first 4 months of this year, the EU is still the largest trading partner of China, with the total value of bilateral trade between us and China reaching US $137 billion 770 million, an increase of 34.6% over the same period last year.