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'Weakening Euro, a growing concern' - Experts
12 Sep '08
1 min read
Since the RMB started skyrocketing against the US Dollar, most foreign trade deals are being made in Euro.
However, now that RMB is appreciating rapidly against the Euro as well, local industries are getting concerned.
Insiders say that most export enterprises were struggling to survive against the weakening US economy and this new development was definitely not going to help.
In the first seven months of this year, Chinese textile and garment export volumes could only achieve a 5.21 percent growth, representing a sharp decline of 5.53 percentage points from same period of 2007.
This year in April and May the RMB exchange rate against the Euro started to appreciate, the increase exceeding that against the US Dollar.
The rise met a new high on September 2, when 1 Euro equaled to 9.9667 yuan. Besides, European economy is expected to weaken significantly next year.
Experts are urging industries to take necessary steps and try to cope with this situation.
However, now that RMB is appreciating rapidly against the Euro as well, local industries are getting concerned.
Insiders say that most export enterprises were struggling to survive against the weakening US economy and this new development was definitely not going to help.
In the first seven months of this year, Chinese textile and garment export volumes could only achieve a 5.21 percent growth, representing a sharp decline of 5.53 percentage points from same period of 2007.
This year in April and May the RMB exchange rate against the Euro started to appreciate, the increase exceeding that against the US Dollar.
The rise met a new high on September 2, when 1 Euro equaled to 9.9667 yuan. Besides, European economy is expected to weaken significantly next year.
Experts are urging industries to take necessary steps and try to cope with this situation.
Fibre2fashion News Desk - China
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