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Sep exchange rate of cotton import & export tax!
29
Aug '08
Government announced recently that the exchange rate of import and export tax of cotton for September 2008 would be 1 US Dollar = RMB 6.8529 yuan. For August it at stood at 1 US dollar = RMB 6.8128 yuan.

According to the rule issued by China Customs on Oct 30, 2005, the exchange rate of the import and export tax of all products per month will be the same with the reflected value of the foreign exchange of Bank Of China on the third Wednesday of last month.

So, in China Customs, when enterprises apply to the customs for import cotton or export cotton in September, the tariff will be calculated according to the third Wednesday of this August.

Fibre2fashion News Desk - China

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