RMB Exchange Rate Reform Is About To Restart &Nbsp; Textile Enterprises Are Anxious About (1)

The revaluation of RMB is a rise or fall.

On the evening of June 19th, the central bank announced through its official website that it will further promote the reform of the RMB exchange rate formation mechanism and enhance the flexibility of RMB exchange rate, that is, dynamic management and adjustment of the RMB exchange rate floating according to the floating interval of the announced exchange market exchange rate.

The relevant person of the Wuhan branch of the people's Bank of China explained that the real meaning of "strengthening exchange rate flexibility" is, on the one hand, the intermediate price of the inter-bank exchange rate market will not show a stable rise curve, but may also have a downward curve, so as to weaken the expected inertia of the hot money industry since the reform of the exchange rate system. On the other hand, when the economy needs, the euro can be used as the main reference standard in a basket of currencies, which not only preserves the channel for RMB appreciation, but also reserves the passage of RMB depreciation.

Therefore, the central bank believes that unlike the first exchange rate reform in 2005, the RMB will rise or fall after the two exchange rate reform.

Ruan Yueqin is the manager of Bank of China Hubei branch in charge of foreign exchange financing.

She believes that after the two exchange reform, although the two-way path of RMB appreciation and depreciation has been opened up, the RMB has fluctuated, but the market generally believes that the general trend will oscillate upward, and the pressure of RMB appreciation is still great.

Stare at the price of vegetables

"After the news of the two exchange reform, many bosses engaged in international trade entrusted me to help monitor the changes in the value of the renminbi against all currencies.

One of the customers with European orders loses about 300000 euros a day.

Ruan Yueqin introduced.

Ruan Yueqin said that at present, the RMB exchange rate change has become more and more closely related to the people's lives. Many people are concerned about the RMB exchange rate changes just like vegetable prices. Over the past 5 years, the RMB has almost risen unilaterally, and the future will rise or fall according to the market situation. For those who buy imported cars, luxury goods, traveling abroad or importing business, it is extremely important to judge the trend of exchange rate.

More than 10 days after the central bank announced the reopening of the RMB exchange rate, the RMB exchange rate against the US dollar has been hitting a new high in two-way volatility.

In July 2nd, the central parity rate of RMB against the US dollar was 6.7720, which was 138 basis points higher than the previous trading day.

In July 2005, since the first RMB exchange rate reform, the RMB against the US dollar has fallen below 1:8 and 1:7 mark for a long time. Over the past five years, the appreciation of RMB against the US dollar has risen by more than 20%.

After the implementation of the two exchange rate reform, will the renminbi maintain its unilateral rise? What changes will it bring to the lives of ordinary people?

There will be "unexpected" money when the renminbi rises.

[outbound tourism]

The most direct impact of exchange rate fluctuations on outbound travel occurs when settling with foreign parties.

At present, the exchange rate of outbound travel is based on the exchange rate of the group day. If the exchange rate changes from signing a contract to sending a group day, it will bring unexpected windfalls or unexpected losses to the clubs and the receiving agencies.

A travel agency official told reporters that in 2008, the Agency organized a team to Europe. Unexpectedly, from the signing of the contract to the 2 months of the mission, the RMB exchange rate against the euro fell from 1 to 9 to 1 to 11, making the loss of the yuan more than 20 thousand yuan.

Once the RMB exchange rate is strong, travel agencies are the biggest beneficiaries, and tourists can also get tangible benefits: for example, in the US, Europe and other places where exchange rate changes are large, they can buy more things with the same amount of money. Many of these commodities are settled in US dollars.

At present, foreign countries have launched UnionPay card swiping passageway, and tourists shopping is more convenient.

A travel agency official said that the current exchange rate fluctuations were not significant, and the impact on Tourism solidarity and tourist shopping was limited, and there were no significant changes in travel routes to Europe and the United States.

But if this trend continues, it will stimulate tourists' desire to travel to the euro and the US dollar consumption area.

The appreciation of the renminbi means that people are cheaper to shop abroad, and luxury goods such as LV and GUCCI have "cut prices" on Chinese people.

Miss Zhou, the Fairview Park in Zhuankou, Hanyang, often invites people to buy high-end cosmetics on the Internet.

She reckoning that at the end of 2006, when the US cosmetics were purchased, the exchange rate of the US dollar against the RMB was about 1 to 8.2, and now it has become 1 to 6.78.

This means that the total price of $more than 500 cosmetics can now be 700 yuan cheaper than before. "If the RMB continues to appreciate, it will save more money."

On the Internet, the range of purchasing products ranges from the list of famous brands, clothing, cosmetics, jewelry to chocolate, bird's nest and abalone. The hottest brands are LV, GUCCI, BUBERRY, Prada and other luxury brands.

There are sellers who say that people who purchase LV and BUBERRY are on the one hand looking at the fast speed of new models abroad, and on the other hand, because they are more economical than buying at home, and the appreciation of RMB makes the price advantage of purchasing agents more obvious.

A LV package sold abroad for 2058 US dollars is estimated to be 16 thousand and 800 yuan at the rate of 8.2 a few years ago. According to the current 6.78 exchange rate, it is less than 14 thousand yuan, equivalent to "down" 2600 yuan. "If the two exchange rate reform makes RMB further appreciate, purchasing will be more appropriate."

Citizens can travel abroad to buy more goods.

For example, the budget for shopping in the United States is 4000 dollars, according to the exchange rate of 8.2, which is equivalent to nearly 33 thousand yuan. According to the 6.78 exchange rate, it is equivalent to more than 2.7 yuan RMB, saving 5000 yuan.

RMB appreciation in 5 years 20%

On Thursday evening of July 21, 2005, the central bank formally announced the reform of the RMB exchange rate system. In an instant, "the renminbi appreciated."

Zhou Xiaochuan, governor of the people's Bank of China, explained that there are three core elements. The first is that our exchange rate will no longer be pegged to a single currency, that is, a single dollar, but a reference to a basket of currencies. At the same time, we will float according to the market supply and demand. The second content is that the exchange rate will fluctuate and the floating interval is also reasonable.

The third thing is that we have made an initial exchange rate adjustment, which is 2%.