What Is The Impact Of RMB In SDR On Chinese Shoes And Clothing Enterprises?

In November 30, 2015, the Executive Board of the International Monetary Fund decided to include the renminbi in the basket of special drawing rights (SDR). The basket of SDR currencies was expanded to 5 currencies, including the US dollar, euro, Renminbi, Japanese yen and sterling. The weight of RMB in the SDR currency basket was 10.92%, and the weights of the US dollar, euro, yen and pound were 41.73%, 30.93%, 8.33% and 8.09%, respectively. The new SDR basket will take effect in October 1, 2016.

In this regard, the reporter said that if the RMB can be successfully incorporated into the

The system will play an important role in promoting the export of light industrial products such as shoes and clothing.

At present, many of our foreign trade dealings still take us dollars as currency of settlement. Apart from the fluctuation of exchange rate, the bargaining price of economic and trade negotiations is often not equal, subject to buyer's purchase, coupled with the sharp rise in labor costs in recent years, our competitiveness in foreign trade competition is weakening.

If this time, the RMB can be successfully incorporated into the SDR system, our

RMB can be settled directly, first, shorten the settlement cycle and improve efficiency; two, reduce the impact and impact of exchange rate; three, the strong trend of RMB will increase the bargaining chip of foreign trade negotiations and help us improve our foreign trade.

Competitiveness.