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Continuous RMB appreciation worries textile exporters
02
Nov '12
The spot exchange rate of the RMB against the US dollar continues to grow stronger since the beginning of September and it has returned back to the above 6.30 mark.

The RMB continued to accelerate after the National Day Golden Week and the spot exchange rate of the US dollar against the RMB exceeded 6.28 in mid-October, the highest in nearly 19 years.

In the context of continuous appreciation of the RMB, the fluctuation of exchange rate has increased exchange risks for individuals and enterprises.

Many companies dealing in foreign trade say that continuous appreciation of the RMB has increased risks in foreign trade, especially textile and clothing and agricultural product processing industries.

Fibre2fashion News Desk - China

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