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China : RMB appreciation of 3.45% curse to M&S industries |
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2006-7-18
While 3.45 percent RMB appreciation rate may not cause much trouble for major textile enterprisers, it may prove to be a heavy blow for the medium and small-scale (M&S) industries of Fujian province.
Chairman of one such medium-scale clothing factory reported that last year, because of RMB appreciation, the company suffered loss of around RMB1.5 million.
Since RMB has appreciated not only to USD, but also to EURO Dollar and YEN, making it difficult for Chinese textile export to the EU.
As production cost is also rising, middle and small textile enterprisers are forced to adopt shifting business method.
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