Recently, the renminbi ushered in a wave of appreciation。On May 11, the renminbi rose to a new high for the year against the dollar, increasing pressure on exporters。Industry insiders believe that under the background of accelerating the market-oriented exchange rate, a package of financial service measures plays an important role in strengthening foreign trade enterprises to cope with exchange rate fluctuations。
Pressure on exporters
"The biggest pressure we're facing right now is the exchange rate。"Guangxi Yikai Household Products Co., LTD. Marketing director Wu Mingxian in an interview with the International business daily reporter introduced，Since the outbreak of COVID-19 last year，The export sales of clothes hangers and other household products produced by the enterprise are good，But the renminbi has been appreciating rapidly for some time，Superimposed raw materials and other costs are rising rapidly，Bring greater pressure to the enterprise。
Mr. Wu's feelings chime with the current exchange rate。On the whole, the current exchange rate of RMB against the US dollar presents two major characteristics: first, the overall appreciation is relatively large, and the second is the trend of fluctuation is obvious。On May 11, the central parity rate of the RMB against the US dollar was set at 6.4254, up 171 points from the previous trading day。Since May, the central parity rate of the RMB against the US dollar has risen by 641 points。Previous data released by the National Bureau of Statistics showed that the average exchange rate of the yuan in 2020 was 6 to 1 US dollar.8,974 yuan, an appreciation of 0. 0 over the previous year.02%。From the perspective of the past two years, the low point of the exchange rate occurred on May 29 last year, the quote was 7.1,316, the lowest level since February 2008;The highest point occurred on May 11 this year, when the yuan appreciated 7,062 basis points in comparison, which is the highest point since June 2018。
"Currency movements eat directly into our profits。Huang Chunshi, international sales director of Guangdong Weiwang Group Co., LTD., said in an interview with an International Business Daily reporter that the original exchange rate of the renminbi against the US dollar was about 7 yuan, and now it is close to 6.4 yuan, the appreciation of the renminbi is directly reflected in the significant reduction in the amount of goods received by enterprises。In view of the difficulties of customers during the epidemic prevention and control period, it is difficult for enterprises to dilute the pressure of RMB appreciation by raising prices。"Large fluctuations in the RMB exchange rate will cause two major difficulties for enterprises: First, it generally takes two months for enterprises to issue orders to receive foreign exchange, and enterprises cannot predict exchange rate changes, and quotation or foreign exchange lock operation is not easy to control.。Second, the exchange rate fluctuates frequently, and it will be more and more difficult for enterprises to negotiate price adjustments with customers。”
We will increase financial support
Spring river warm duck prophet。In the face of exchange rate fluctuations, foreign trade enterprises are the most sensitive, and they are taking various measures to deal with it。Feng Tao, marketing director of Guangzhou Mona Lisa Holding Group Co., LTD., said in an interview with the International Business Daily reporter that after the appreciation of the renminbi, enterprises can only do everything possible to resolve the pressure, in addition to discussing price adjustment with customers and suppliers, but also through product design innovation and other methods to enhance competitiveness。
In the view of the industry, the change of the RMB exchange rate is the result of the role of the market, and the recent appreciation trend is inevitable。Wen Bin, chief researcher of China Minsheng Bank, said in an interview with International Business Daily that since the outbreak of the novel coronavirus pneumonia, the rapid depreciation of the US dollar and the global optimism about China's economic fundamentals have combined to promote the appreciation of the RMB。Especially after the exchange rate reform, China's market-oriented exchange rate formation mechanism is increasingly mature, and the impact of exchange rate on market fluctuations is also increasing。In addition, from a more long-term perspective, the appreciation of RMB can enhance the confidence and willingness of the international market to hold RMB, which is helpful to accelerate the internationalization of RMB and more use of RMB to settle goods payments。
However, at present, foreign trade enterprises are more concerned about how to better avoid exchange rate risks, and many enterprises hope to get better financial services。
Huang Chunshi said that in the face of the appreciation of the renminbi and the loss of profits, foreign trade enterprises use more tools to lock the exchange rate and hedge operations。On the whole, more suitable for export enterprises to use hedging tools are still insufficient。At the same time, in the use of RMB settlement, there were Malaysian customers who used RMB settlement before, due to the problems of supporting services of the bank signed by the customer, the customer could not continue to use RMB settlement later。
Wu Mingxian suggested that the government, business associations and financial institutions provide more training and information support to help foreign trade enterprises improve their ability to study and judge exchange rate trends。This will help enterprises grasp the opportunity to settle and sell foreign exchange, and also help to lock foreign exchange and other operations, so as to better avoid exchange rate risks。
(Article from International Business Daily)