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RMB Limit Helps Export Profits Of Shoe Companies

2011/12/9 9:09:00 10

Limit Helps Export Profits Of Shoe Companies

The yuan fell to 0.5% against the US dollar and the seven day trading limit.

The people's Bank of China authorized the China foreign exchange trading center to announce the US dollar exchange rate in the inter-bank foreign exchange market in December 8, 2011.

RMB

The middle price of the exchange rate is 1 yuan to 6.3319 yuan and 6.3342 yuan on Wednesday.

The RMB exchange rate touched down for 7 consecutive days, the first in three years.

"The RMB has recently reached a limit, which is a good thing for the export of enterprises."

Yesterday, Wu Deguo, chairman of the company, told reporters that, despite all this, it was good.

Influence

It's not big, because it's down.

Range

Not very big, and they judged it to be "temporary".

The decline in Renminbi is not large.

Following the first few days of the spot market

RMB

After a continuous fall in the US dollar exchange rate yesterday, the RMB exchange rate against the US dollar fell again yesterday, which is the seventh consecutive trading day since November 30th.

However, for seven consecutive days, the decline in the renminbi was not large, even the middle price rose slightly.

Standard Chartered Bank China economist Li Wei thinks RMB pairs.

dollar

The situation of continuous hitting the limit is not sustainable. It is estimated that the appreciation rate of RMB will be very small in the first quarter of next year, and the revaluation channel will be re entered after the two quarter.

Shoe enterprises export "little profit"

Yesterday, the chairman of Wu Deguo, chairman of the industry, said that the higher prices this year and the continued appreciation of the renminbi brought enormous pressure to foreign trade.

For example, if 1 pairs of leather shoes are sold for 40 US dollars and converted into RMB 140 yuan, under the circumstance of RMB appreciation, they may only be converted into RMB 120 yuan.

raw material

The cost is rising, so the shoes earn less.

It is revealed that the export of the company will be reduced by about 15% this year due to multiple factors such as cost pressures, appreciation of the renminbi and weakness in European and American markets.

RMB has recently hit a limit, which is good for export.

Thing

But they analyze "the impact is not very big", because the overall decline is not very large, and this is temporary.

In addition, at present, the company's exports are forecasting the exchange rate three months ahead of time, so even the impact is also affecting future orders.

For other foreign trade oriented shoe enterprises, the same is true.