RMB Breaking 7: Textile And Apparel Stocks Leading Trading, What Other Beneficial Stocks?
On the shore, offshore RMB against the U.S. dollar both fell below 7 integer pass, the integer pass finally cracked.
The expectation of RMB depreciation is heating up again. Export oriented footwear and footwear stocks rose sharply in the morning. Among them, the leading shares are Huafang shares and Sino submarine textiles trading, and Jiaxin silk and phoenix bamboo textile products have increased by more than 4%.
Garment and textile industry is one of the traditional export industries in China. In recent years, influenced by the appreciation of the RMB exchange rate, the rising cost of raw materials and the expansion of inventory, the competitiveness of the whole industry in the international market has been weakened, and the export of textile and clothing has declined year by year. This also makes the share price of textile stocks mostly at a relatively low level in the two cities, and the attractiveness of the whole textile industry has dropped sharply.
The situation has changed since the beginning of this year, and the RMB has obviously depreciated this year. The export competitiveness of the entire textile industry is expected to be enhanced under the stimulation of devaluation. Insiders say that the textile industry has a high degree of dependence on exports. The devaluation of the RMB will help the company reduce costs and enhance the competitiveness of its products, so that enterprises can get more orders. On the other hand, it is beneficial for export oriented enterprises to obtain foreign exchange earnings, which will further stimulate consumption and benefit the export of textile products. At present, half of the textile listed companies in the A share market account for more than 50% of the total export business. According to industry related calculations, the textile and garment industry has benefited from the depreciation of the RMB, and the depreciation of RMB by 1% can raise net profit by 2%-6%.
Today's textile and apparel market in the background of decline, the market is booming, up 0.85%.
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