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Market Dynamics: Devaluation Of RMB Benefits Textile And Garment Export
Since April 19, there has been a round of rapid devaluation of the RMB exchange rate. During this period, it has continuously broken through multiple barriers, and has fallen more than 3000 basis points in half a month.
The depreciation of RMB exchange rate means good for textile and garment export enterprises. Prior to this, A-share market textile and clothing sector has been rising for many consecutive days, Ruyi group, tamus, Sanfu outdoor and other Friday were trading closed.
But experts warned that under the influence of multiple factors such as the epidemic situation, the favorable effects brought by the fall of RMB exchange rate to the textile industry may be offset.
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