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RMB revaluation speeds up textile restructuring pace in Qingdao

13
Feb '07
After the foreign exchange reform on February 1, RMB broke the 7.77-yuan mark for the first time and reached 7.7615 by the end of the day. This means the accumulated appreciation rate is near 4.5 percent.

In this regard, the textile industry in Qingdao City,Shandong Province has accelerated the restructuring pace. They put forward adjusted measures such as creating famous brands to promote domestic market, enlarging exports through enhancing technology, reducing cost by saving energy.

Textile and garment industry is highly dependent on exports. It is estimated that when RMB revaluates one percent, the profit margin on textile and garment sales would fall 2-6 percent.

Export cost of textile and garment industry increases with RMB appreciation. If enterprises could not absorb the additional cost by themselves, product price will be up, which will lead to orders flowing into Vietnam, Cambodia, India and Malaysia.

Chen Yu Lan, chairman of Jifa Group, a leading Textile enterprise in Qidao, said, for those export-oriented enterprises, RMB appreciation has forced them to adjust the industrial structure and help them achieve the good opportunity of enterprise restructuring.

Fibre2fashion, News Desk - China


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