The RMB Rose Again Against The US Dollar, And Chengdu Shoe Enterprises Will Face A Major Reshuffle

Yesterday, the exchange rate of the RMB against the US dollar at the China Foreign Exchange Trading Center rose to 6.2380, hitting the upper limit of the trading range again. The central bank announced yesterday that the central parity rate of 1 dollar against RMB was 6.3010 yuan. According to the regulations, the fluctuation of RMB against the dollar was 1% up or down of the central parity rate, that is, the ceiling price yesterday was 6.2380 yuan. On October 25, the RMB closed at 6.2417 yuan against the US dollar, the highest closing point since the reform of foreign exchange, and the first trading limit since the trading range expanded to 1%. The continuous rise of the RMB exchange rate against the US dollar has made Chengdu's shoes The enterprise is "on pins and needles".

　　 Reason: China's good situation has attracted hot money

Recently, the RMB has reversed the unilateral depreciation trend since the second quarter, and the exchange rate against the US dollar has continued to rise. According to the latest research report of Standard Chartered Bank, "the RMB will appreciate moderately against the US dollar in 2013, and the exchange rate of RMB against the US dollar is expected to rise from 6.31 at the end of 2012 to 6.19 at the end of 2013." Standard Chartered Bank expects that the People's Bank of China will allow the US dollar to further decline against the RMB, consistent with the trend of the US dollar against more Asian currencies.

According to the relevant person in charge of the International Business Department of a state-owned bank Sichuan Branch, "Sichuan enterprises' willingness to settle foreign exchange has indeed improved in the fourth quarter due to the expected appreciation of RMB. In the past few months, everyone was still busy buying foreign exchange."

　 Helpless: lock the exchange rate and quote in RMB

Import and export enterprises will be affected by the exchange rate, but the boss of Chengdu shoe enterprises is probably one of the most sensitive people to the exchange rate.

Yesterday, when Western Sichuan Shoes City Peng Jun, the general manager of the limited liability company, listened to the reporter's introduction of the latest RMB/US dollar exchange rate, and the first sentence was "it seems that 6.3 can't be held". He told reporters that since the RMB rose against the US dollar, shoe owners in Chengdu have been actively trying to reduce exchange rate losses. According to him, "At present, almost all Chengdu shoe factories have changed their business mode. Previously, they quoted in US dollars and collected money at the exchange rate at the time of collection; now they quoted in RMB and took the exchange rate at the time of signing the contract as the final settlement exchange rate." Peng Jun pointed out that the current international market is in recession, and the appreciation of RMB must have a certain impact on the shoe factories' receipt of orders.

　　 $100 Two years ago, you could buy 10 pairs of shoes. Now you can only buy 6.7 pairs

　　 Chengdu Xinyao Shoes Co., Ltd Liu Dejian, the chairman of the board of directors, told the reporter: "The continuous decline of the purchasing power of the US dollar will definitely lead to a major reshuffle in Chengdu's shoe industry." He said that businessmen could buy a pair of women's leather shoes of moderate size and materials in all western shoes for about US $10 in the first two years. Up to now, shoes of the same quality can only be "made" for at least $15. That is to say, in the past, you could take 10 pairs of medium women's shoes with $100 in western shoes, but now you can only get 6.7 pairs, which is equivalent to a 33% decline in purchasing power.

What will be the impact of the decline in the purchasing power of merchants? Liu Dejian said, first, the quotation is getting more and more expensive, leading to foreign orders flowing to India, Vietnam and Thailand; Second, Chengdu shoe enterprises that no longer have the advantage of low prices will certainly be forced to become more and more high-end, and some small factories are obviously "unable to eat", leading to a major reshuffle of Chengdu shoe enterprises.

?