Home / Knowledge / News / Chengdu shoe cos face heat of RMB appreciation
Chengdu shoe cos face heat of RMB appreciation
25
Feb '08
Rapid appreciation of RMB has cast a cold spell on the shoes enterprises of Chengdu city. On February 20, the middle exchange rate of RMB against US dollar reached somewhat 7.1452 yuan. Such rise is not only affecting the exports, but also a hike in the raw materials prices can be observed.

Few of the leather shoe companies accumulated a meager profit due to RMB appreciation, which is not even enough to pay the salary and bear other expenses. These enterprises are finding it hard to cope with the present situation.

Further to add to their woes, experts inform that the exchange rate is likely to go up by another 10 percent and each manufacturers are expected to lose at least 2 yuan on one pair of shoes.

At present, there are hundreds of shoes manufacturers operating in Sichuan province, and this RMB appreciation is forcing many local shoes manufacturers to close down their units one after another.

Fibre2fashion News Desk - China

Must ReadView All

Textiles | On 19th Jan 2017

Union Budget: Textile sector expects excise duty revisions

Excise duty on man-made fibres should be reduced to bring it on par...

Apparel/Garments | On 19th Jan 2017

Apparel brand Mango adapts website for Middle East region

Spanish apparel brand Mango has unveiled an adapted version of its...

Apparel/Garments | On 18th Jan 2017

Government considering 100% FDI in single brand retail

The Government of India is looking at allowing 100 per cent foreign...

Interviews View All

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search