on December 31 last year, 1 euro was 9.7971 yuan; On May 20 this year, one euro was equivalent to only 8.4598 yuan. According to this calculation, in the past five and a half months, the appreciation of RMB against the euro has exceeded 10 percentage points
Sichuan enterprises are worried that the continuous depreciation of the euro will shrink the newly recovered exports to Europe
low end industry
textile industry has a hard time
“we have to lose 45 yuan per pair of shoes.” Looking at the exchange rate offer, Li Ying of Chengdu aimin’er Shoes Co., Ltd. said that the settlement exchange rate locked when signing the contract with the customer last year was 9.8. Now the euro continues to “shrink”, and the cost pressure is too great
Wang Yu, general manager of 1nternational Department of China C1T1C Bank, said that for enterprises settling in Euro, they must first exchange RMB for us dollar, and then exchange US dollar for Euro. There are two kinds of exchange rate risks. The euro’s exchange rate against the US dollar continued to fall, and even reached a new low of 1 euro to 1.2144 US dollars in the past four years. We can’t rule out the possibility of a new low
the export enterprises of the two industries have a hard time. Some labor-intensive industries, such as low-end textile industry, processing and manufacturing industry, which basically have no pricing power, have low profits and no room for price adjustment
the export of large-scale mechanical and electrical equipment under foreign project contracting is most affected by the depreciation of euro< Liu Xin, deputy director of the Provincial Department of Commerce, said that in terms of cost, Sichuan's advantages are not as good as those of some neighboring emerging countries; 1n terms of the market, the space for "general merchandise" will be smaller and smaller, but new products, products with independent brands and products with key core technologies will not be affected by the depreciation of the euro. Therefore, the long-term solution to the challenge is to adjust the industrial structure as soon as possible figures show that from January to April, 356 new high-tech enterprises with import and export performance in our province increased compared with the same period last year, and the export of a number of transfer enterprises such as Tianwei new energy, sols optoelectronics, Mianyang Pusi increased significantly. At the same time, the export of textile and clothing, plastic bags and other industries has doubled – a pair of leather shoes is 280 euro, and eminer women’s shoes are still popular in Germany and France; On May 27, aimin’er’s first exclusive store in Vietnam opened in Hanoi. Many dealers placed orders for a pair of shoes of 4000 yuan, indicating that high-end products have a great market many enterprises believe that rather than squeezing the market with homogeneous products, it is better to speed up the adjustment of the structure and grasp the market discourse power with high value-added products. At present, the clothing processing industry has a trend of transferring to emerging markets, and Sichuan, which has a more mature industrial chain and industrial workers, just takes the opportunity to “change the cage for the bird” and vigorously develop the two ends of the “smile curve” – high-end industries and high-end industries< According to Wen Duoming, general manager of Suining new oasis printing and dyeing Co., Ltd., the profit from direct export is 20% higher than that from domestic processing. Last year, they applied to the state for the upgrading project of clothing fabric industry, invested 30 million yuan for technical transformation and 1 million yuan for overseas market development. During the period of Euro devaluation, their products were in short supply. Aimin joined hands with R & D institutions in 1taly and Germany. These two foreign teams participated in the R & D and quality control of Aimin's products in Europe. From January to April this year, the company exported 7.31 million US dollars, a year-on-year increase of over 30%. Chengdu adida Trading Co., Ltd. and Sichuan Textile Co., Ltd., which strive to adjust the product structure, doubled their exports from January to April the ways of transformation are different, but they all embody the industrial upgrading in the end. After “winter training”, the endogenous power of these enterprises has been enhanced countermeasures choose RMB settlement the country will expand the scope of RMB cross-border settlement pilot. Wang Yu revealed that Sichuan has been shortlisted and is likely to implement it by the end of this month. Enterprises are expected to use RMB to settle accounts with foreign investors in the future to reduce exchange rate risk China C1T1C Bank predicts that this year’s RMB appreciation will be controlled at 0-2%, which is relatively stable. Export enterprises choose RMB settlement to avoid exchange rate loss. However, from the previous four pilot areas, because RMB is not an international freely convertible currency, the scope of RMB settlement business is limited” 1t mainly depends on the foreign party’s acceptance of RMB. ” Wang Yu said that Hong Kong, Macao and Southeast Asia are more interested in RMB settlement at present, the most realistic problem for enterprises is to choose a more stable currency for settlement, or to disperse risks through multiple currency configurations for enterprises that passively choose euro for foreign exchange settlement, Wang Yu suggests that they can find a high point in the trend of euro “price reduction” to lock in the forward exchange rate and minimize losses