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The RMB Exchange Rate Will Reach A New High &Nbsp; Wang Jin: The Future Of Textile And Clothing Exports Will Continue To Grow Rapidly.

2011/2/18 8:53:00 69

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Export Of RMB Exchange Rate

17, the data released by China foreign exchange trading center showed that

RMB

The intermediate price is again set at a record high today, and the latest price of $1 is RMB 6.5800 yuan.

Compared with the previous trading day, it rose by 55 basis points to refresh 2005 again.

Foreign exchange reform

The new high.

chief

Analysis

Division Wang said that from the external pressure, internal affordability and purchasing power parity, RMB appreciation is an inevitable long-term trend, and from the perspective of domestic economic equilibrium, the urgency of RMB appreciation is becoming stronger and stronger.

With the sustained and rapid growth of China's economy, the total economic output of China will surpass Japan in 12th Five-Year and become the second largest economic power in the world. This is an important symbol of China's significant improvement in its international economic status.

Corresponding to China's comprehensive national strength, it is inevitable for the RMB to enter the "5 era" against the US dollar.

Only with the "5 era" of the RMB against the US dollar will internationalization of RMB become a reality.

In the next five years, under the background of rapid appreciation of RMB and severe external environment, China's export enterprises will face enormous challenges.

Wang pointed out that since the reform of the exchange rate, the appreciation rate of RMB has been faster and faster, but at the same time textile exports have also maintained rapid growth. This gives people the impression that Chinese enterprises seem to have no response to exchange rate changes.

In fact, we can see the reason through careful analysis. One is the "virtual growth" of the US dollar denominated export brought by the appreciation of the renminbi. The contribution rate of the "11th Five-Year" period is as high as 43.29%. The two is that the export enterprises are able to digest their exchange rate by increasing their productivity and compressing their profit margins; three, some of them are directly pferred to the rising prices of export products.

Therefore, it is not surprising that exports can still maintain rapid growth.

Wang predicted that during the "11th Five-Year" period, the average annual compound growth rate of China's textile exports was only 6.65%, which was significantly slower than that of "fifteen".

During the "12th Five-Year" period, the industry generally expected that the yuan will continue to appreciate at an annual rate of 3%-5%. According to the first textile net, the average annual growth rate of textile exports in 12th Five-Year will further drop to about 3% after the effect of shaving off exchange rate.