RMB Appreciation Nearly 3%, Smoothing The Average Profit Of Textile Industry

The central bank's interbank foreign exchange market, such as the US dollar and other trading currencies, has an intermediate price of RMB 1 against the RMB exchange rate of 8.0420. After last Friday, it again hit a new high since last July's exchange rate reform. The RMB exchange rate increased by nearly 3% in half a year. that RMB What impact does the appreciation have on enterprises? How should Chinese enterprises cope with it? Reporters interviewed experts today. The deputy director of the Financial Research Institute of the State Council Development Research Center, Ba Shu song this year, has generally felt that the appreciation of the exchange rate has sometimes been speeded up. From the perspective of the actual business, the exchange rate risk awareness of the enterprises has obviously improved. However, judging from the assessment, the adjustment of the exchange rate has greater impact on the operation efficiency and business operation of our enterprises. A very important reason is that our enterprises, from the average level, have many deficiencies in using exchange rate risk management tools to manage exchange rate risk. They are using some relatively elementary tools.

　　 Ba Shu song For example, textile industry has been a competitive export industry in China, but from last year's situation, the average profit margin of the whole industry is around 3%, which is just the same as the appreciation rate of the exchange rate, which makes the textile and some other labor-intensive enterprises have a relatively large impact. A survey released by the central bank last week also showed that the use of hedging tools by domestic enterprises in controlling exchange rate risk is small and is not commensurate with the size of China's foreign trade. If you have strong pricing power in the global or domestic market, you can take some price cost transfer, if you are a price acceptor, then you should take the initiative to exchange rate risk management, lock your risk, lock your cost, if you have a strong pricing power in the global or domestic market.

Ba Shu song believes that after the exchange rate reform, some enterprises have abandoned them. Price competition The strategy has received good results, and some enterprises have upgraded their products and industries to enhance their technological content. This can not only avoid exchange rate risks, but also reduce trade frictions. In addition, he suggested that financial institutions should introduce more exchange rate risk management tools as soon as possible.