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Since 2008, the RMB exchange rate against the US dollar has continued to rise. Therefore, for this year, the appreciation of the renminbi has become a hot topic of concern. Polyurethane downstream export companies are in a dilemma.
Export companies are in a dead end
According to industry sources interviewed by Global Polyurethane Network, the exchange rate of renminbi against the US dollar is already the lifeline of the yuan-dollar exchange rate that can be sustained by state-owned export enterprises. Although it is still less than life and death, the survival of small and medium-sized enterprises and private enterprises such as textiles, leathers and shoes in the downstream of polyurethanes has been a crisis.
The person also stated that any policy adjustment should be grasped from the perspective of the macro economy as a whole. However, he also stated that he must also take into account the difficulties faced by foreign trade companies through restructuring.
Industry Association Viewpoint
The relevant person in charge of the Shanghai Textile Commerce Association told the reporter that since the beginning of this year, the exchange rate policy has undergone great adjustments and is currently in a dilemma. If it is appreciated, because of the spread, the U.S. dollar will flow in various ways, which will increase the balance of international payments. However, at the same time, due to the appreciation of expectations, if we do not allow the renminbi to appreciate, we must spend a huge price on the renminbi to buy the dollar in order to maintain the stability of the exchange rate, which will again bring serious challenges to domestic monetary policy.
Export companies are in a dead end
According to industry sources interviewed by Global Polyurethane Network, the exchange rate of renminbi against the US dollar is already the lifeline of the yuan-dollar exchange rate that can be sustained by state-owned export enterprises. Although it is still less than life and death, the survival of small and medium-sized enterprises and private enterprises such as textiles, leathers and shoes in the downstream of polyurethanes has been a crisis.
The person also stated that any policy adjustment should be grasped from the perspective of the macro economy as a whole. However, he also stated that he must also take into account the difficulties faced by foreign trade companies through restructuring.
Industry Association Viewpoint
The relevant person in charge of the Shanghai Textile Commerce Association told the reporter that since the beginning of this year, the exchange rate policy has undergone great adjustments and is currently in a dilemma. If it is appreciated, because of the spread, the U.S. dollar will flow in various ways, which will increase the balance of international payments. However, at the same time, due to the appreciation of expectations, if we do not allow the renminbi to appreciate, we must spend a huge price on the renminbi to buy the dollar in order to maintain the stability of the exchange rate, which will again bring serious challenges to domestic monetary policy.