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China adjusts cotton import tariff rate for February 2014
Jan '14
The China Foreign Exchange Trade System (CFETS), also known as the National Interbank Funding Center (the Center), a sub-institution of the People's Bank of China (PBC), has announced that the RMB exchange rate on January 15, 2014, was 1 US dollar = 6.1005 yuan.
As per China’s General Administration of Customs rules, the exchange rate on the third Wednesday of the month would be the applicable exchange rate for calculating the tax to be levied on import and exports of goods.
Hence, for import and export of cotton by the textile industry, tariff rate will be calculated on the basis of 1 US dollar = 6.1005 yuan for the month of February 2014.
In January 2014, tariff on cotton imports by China was calculated on the basis of 1 US dollar = 6.1105 yuan.
If the third Wednesday happens to be a statutory holiday, the exchange rate prevailing on the fourth Wednesday of the month is used for export-import calculations.

Fibre2fashion News Desk - India

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