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The Sharp Depreciation Of RMB Brings Pressure To China'S Foreign Trade And Textile Enterprises.

2014/5/4 9:33:00 9

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RMB Foreign Trade Spinning And Weaving Enterprises

< a > href= > http://www.91se91.com/news/index_c.asp > RMB > /a > before April, it was sharply reduced /p >
 April 30th, the central parity of RMB against the US dollar ended five consecutive days, down 24 basis points to 6.1580 compared with the previous trading day. With the callback of the middle price, the spot market of the RMB fell again, which has maintained a larger deviation from the middle price in recent years, hitting a minimum of 6.2669, which has reached a new low of nearly a year and a half, closing at 6.2591, leading to 6.26. 
 recalling the first four months of this year, the RMB has been falling at a complex domestic and international environment: the spot exchange rate of the US dollar to RMB has dropped from 6.05 in December 31, 2013 to 6.26 on the 30 day, and the depreciation rate has reached 3.47%, which has completely recalled the 2.83% rise in 2013's spot exchange rate. 
This is the first time since the reform of the exchange rate mechanism in 2005. The factors are also complicated. The main reason is that the unilateral appreciation of RMB has caused the imbalance of the market for a long time. The hot money inflow and the arbitrage behavior have made the exchange rate deviate from the equilibrium level, and the market needs to be adjusted urgently. P At the same time, the downward pressure on China's macro-economy since the beginning of this year and the gradual withdrawal of quantitative easing policy by the United States have led to the return of funds, which has prompted the RMB to weaken. Bank of China Guangdong branch exchange rate analysis said. 
 "in fact, < a href=" http://www.91se91.com/news/index_c.asp "> policy objective > /a > or greater fluctuation rather than sustained depreciation. Standard Chartered Bank believes that the depreciation of the renminbi is the reaction of the market to the central bank's implementation of the RMB's intra day volatility from 1% to 2% in March 17th. 
 to observe the trend of RMB in recent two months, we can see that the fluctuation rate of RMB spot exchange rate has expanded significantly. On the day of the implementation of the new policy, the RMB depreciated 0.45% in March 17th, and continued to depreciate by 0.5% in March 30th. After that, the yuan appreciated by 0.58% in March 24th, and then the exchange rate continued to decline until the end of April. 
 "the unilateral depreciation of the RMB exchange rate is a manifestation of the widening of the RMB amplitude. This indicates that the central bank has basically withdrawn from normal foreign exchange intervention, seeking to establish a managed floating exchange rate system based on market supply and demand, and the trend of two-way fluctuation of RMB exchange rate in the future will become more obvious and will become the norm." Lu Lei, Dean of Guangdong Finance Institute, said. 
 some people are happy and sad. 
Less than four months, the "P" RMB has been sharply reduced by 3.47%, and a more flexible two-way fluctuation is taking shape. This is a more complicated trade settlement and greater risk for China's "a href=" http://www.91se91.com/news/index_c.asp "foreign trade enterprise < /a >, which has been accustomed to the unilateral appreciation of RMB for many years. 
Wu Yingdian, general manager of Guangdong Dongguan Yi Sha Industrial Co., Ltd., said: "in the past, RMB appreciation has caused great cost pressure to enterprises, but the trend is very clear. Therefore, coping with it is relatively simple. It is nothing more than avoiding financial risks by locking financial products such as exchange rate. But now the exchange rate appreciation and downward depreciation are very large, which undoubtedly increases the difficulty of enterprise decision making. 
 over the past few years, in the context of strong expectation of unilateral appreciation of RMB, export enterprises usually take a year or more as a cycle to agree on the exchange rate and lock risks. A few enterprises will also use long-term financial instruments such as foreign exchange and foreign exchange to hedge their risks. Since the beginning of this year, the RMB exchange rate has been derogated and many enterprises have suffered losses. 
 a large garment factory in Huizhou, Guangdong is one of them. The contract manager told reporters: "the contract we signed with foreign investors is determined on the expectation of appreciation of the exchange rate, and now the RMB exchange rate change is just the opposite of what was originally expected, and we lose a lot on the exchange rate level." 
 but there are also some small foreign trade enterprises who have settled in foreign exchange immediately. The owner of a toy business in Chenghai, Shantou, told reporters: "the exchange rate has dropped, and what we export is valuable. Excluding raw materials, suppliers and price adjustment, and so on, we can make more money every month than we did last year. 
 however, more corporate voices reflect that the recent sharp fluctuations in the RMB exchange rate have negatively affected the signing of enterprises. For example, the European and American markets are unwilling to sign long lists with Chinese companies, only signing short lists, which is unfavorable for the long-term and stable development of enterprises. In the long run, a clearer exchange rate trend is more conducive to foreign trade. 
 enterprises should have comprehensive allocation of hedging channels .
 RMB "rise or fall" came to an end. From the market signals released by regulators, the volatility of RMB exchange rate will be significantly improved in the future. After all, "two-way floating" is the proper meaning of exchange rate marketization. Increasing exchange rate flexibility and making market forces play a more important role in the process of RMB exchange rate formation is the goal of China's exchange rate reform. 
 as the main body of the market, China's foreign trade enterprises should change their business ideas as soon as possible and change their expectation of unilateral appreciation of RMB. In order to deal with the fluctuation of RMB exchange rate, experts suggest that enterprises should start from the perspective of value preservation, take the real trade as the background and avoid the risk of exchange rate fluctuations, instead of exposing their operating profits to the uncertainty of foreign exchange market with their own expectations or speculation. 
 the banking industry suggests that enterprises can start from the exchange rate hedging and make long-term forward selling and selling or RMB option business in the bank, so as to maintain the value and avoid the risk of exchange rate. 
 "different products have different hedging characteristics. For large foreign trade enterprises, the effective operation strategy to avoid exchange rate fluctuations is a comprehensive allocation of value preservation channels, a rich package of tools to deal with the risk of exchange rate fluctuations, signing in batches and improving the ability to resist risks." Guangdong branch of the Bank of China capital business department said.