Similarly, the export of 10,000 US dollars worth of goods was more than 600 yuan less than the yuan that could be exchanged 20 days ago. Yesterday, the central parity of the yuan against the US dollar reported 6.7378, up 131 basis points from Monday. At this point, the central parity of the RMB against the US dollar has hit record highs since the exchange reform for three consecutive trading days. The largest impact of the appreciation of the renminbi is many export companies in the province.
Although the central parity of the renminbi against the US dollar hit another record high, the appreciation of the renminbi against the euro has been greater this year. The central parity of the RMB against the euro yesterday was 8.6561 yuan, an increase of 11.6% from 9.7971 yuan on December 31, 2009, while the appreciation of the yuan against the US dollar only appreciated by 1.3% during the same period.
Mr. Chen, a craftsman in Fuzhou, signed an order of 10,000 euros last year. The two sides agreed to settle the bill in euros and recently discovered that they had suffered a loss. Mr. Chen said that the goods are still the goods, but once the 10,000 euros are credited, they will earn 11,000 yuan less due to the appreciation of the renminbi against the euro. If the agreement was settled in U.S. dollars, the loss would be only 1200 yuan.
Mr. Chen said that his situation is not a case. At present, the EU is the main trading partner of Fujian. Due to the limited bargaining power of products, most foreign trade companies in the province are unable to actively choose settlement currencies. After all, they chose a settlement method that is beneficial to Fujian enterprises. Foreign investors will bear exchange rate risks. The provincial Foreign Economic and Trade Department believes that the appreciation of the renminbi is not conducive to exports in the short term, but it is favorable for imports. The appreciation of the renminbi also benefits the industries with high renminbi-denominated assets and industries with large foreign currency liabilities, such as finance, real estate, aviation and papermaking. Big industries are easy to benefit.
Of course, not all non-US currencies have appreciated against the renminbi, and the yen is a special case. At the end of last year, 100 yen could only be exchanged for RMB7.3782, and yesterday it could be exchanged for RMB8.0833. The same yen assets can be exchanged for more renminbi. This is good news for the Fuqing and Lianjiang people in Japan and the companies exporting to Japan. Minsheng Bank's financial planner said that the reason why the renminbi depreciated against the yen was because the yen was originally in a strong state. Naoto Kan won the first reunification of Japan this time. He has always advocated a strong monetary policy, and the market is therefore generally optimistic about the yen.
Although the central parity of the renminbi against the US dollar hit another record high, the appreciation of the renminbi against the euro has been greater this year. The central parity of the RMB against the euro yesterday was 8.6561 yuan, an increase of 11.6% from 9.7971 yuan on December 31, 2009, while the appreciation of the yuan against the US dollar only appreciated by 1.3% during the same period.
Mr. Chen, a craftsman in Fuzhou, signed an order of 10,000 euros last year. The two sides agreed to settle the bill in euros and recently discovered that they had suffered a loss. Mr. Chen said that the goods are still the goods, but once the 10,000 euros are credited, they will earn 11,000 yuan less due to the appreciation of the renminbi against the euro. If the agreement was settled in U.S. dollars, the loss would be only 1200 yuan.
Mr. Chen said that his situation is not a case. At present, the EU is the main trading partner of Fujian. Due to the limited bargaining power of products, most foreign trade companies in the province are unable to actively choose settlement currencies. After all, they chose a settlement method that is beneficial to Fujian enterprises. Foreign investors will bear exchange rate risks. The provincial Foreign Economic and Trade Department believes that the appreciation of the renminbi is not conducive to exports in the short term, but it is favorable for imports. The appreciation of the renminbi also benefits the industries with high renminbi-denominated assets and industries with large foreign currency liabilities, such as finance, real estate, aviation and papermaking. Big industries are easy to benefit.
Of course, not all non-US currencies have appreciated against the renminbi, and the yen is a special case. At the end of last year, 100 yen could only be exchanged for RMB7.3782, and yesterday it could be exchanged for RMB8.0833. The same yen assets can be exchanged for more renminbi. This is good news for the Fuqing and Lianjiang people in Japan and the companies exporting to Japan. Minsheng Bank's financial planner said that the reason why the renminbi depreciated against the yen was because the yen was originally in a strong state. Naoto Kan won the first reunification of Japan this time. He has always advocated a strong monetary policy, and the market is therefore generally optimistic about the yen.
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