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Import & export tariff rate for June, announced!
May '08
According to the Bank of China (BOC), one US Dollar was converted into 6.9597 Yuan by RMB exchange rate during the transactions on May 21, 2008. Thus, the tariff rate on import and export goods in June 2008 will be calculated as US $1 = 6.9597 Yuan.

According to the new 2008 slide tariff policy, the Zero Point of dutiable tariff price for fixed amount of cotton imports under specific duty/specific tariff will be at 74.20 cents per lb.

In accordance with the No. 53 Notice, announced on October 31, 2005, by the General Administration of Customs, the applicable exchange rate of tax levied on imports and exports in the current month will be the foreign exchange conversion price of the BOC on the third Wednesday of the previous month. If the third Wednesday is a statutory holiday then it will be postponed to the fourth Wednesday.

Among them, the conversion prices of RMB against the Hong Kong Dollar, the Dollar, Yen and the Euro are same with the previous day's closing price announced by the People's Bank of China (PBC).

The PBC announced that China started a floating exchange rate system since 19:00 of July 21, 2005. the trade price of US Dollar against the RMB on the same day was adjusted as one US Dollar to 8.11 Yuan.

Fibre2fashion News Desk - China

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