Again Put Pressure On Rmb Appreciation Hardware & Electrical Face The Disastrous Consequences

With the momentum of world economic recovery, overseas calls for the gradual appreciation of the RMB rise

. March 15, a 130-member Congress group, a joint letter to Secretary of Commerce, Gary Locke and the Treasury secretary, Obama urged the government to take on China exchange rate issue sanctions. Members have asked the Ministry of Finance in the April 15 main trading partners exchange rate report, the official to label China a "currency manipulator" tag, and asked the Ministry of Commerce of such "deliberate manipulation" countries impose countervailing tax.

3 16, according to a Senate draft bill shows that if China does not take measures to adjust the RMB exchange rate, the United States will impose tariffs on some Chinese exports.

Day, the U.S. Treasury secretary said that China will eventually recognize the need to shift to more flexible exchange rate mechanism. "This is very important to China and its trading partners."

Also reported that the U.S. House of Representatives Ways and Means Committee Chairman SanderLevin said, will be held on March 24 hearing, viewing China's exchange rate policies on the global economic recovery and the impact of U.S. jobs, will also consider measures to solve the problem.

The same time, IMF Managing Director Dominique? Strauss? Khan Wednesday said that the RMB exchange rate has been greatly underestimated, and the RMB appreciation will spur the world economy back into balance. He added that a stronger yuan would be accompanied by more domestic demand-led economic growth.

Domestic research on thousands of corporate stress tests

With further increase pressure on appreciation of the RMB, China has quietly begun testing the pressure of RMB appreciation, according to media reports, the Ministry of Finance will be sent a study group in late March to go to Guangdong, Zhejiang and Jiangsu provinces and Shanghai Municipality for a wider range of the RMB exchange rate stress test. The end of the previous February, the Ministry of Commerce, Industry and Information Ministry have commenced joint labor-intensive industries for the response to the pressure of RMB appreciation test.

At the same time, influenced by the exchange rate of the industry associations are also within the industry with the launch of stress tests. China International Chamber of Commerce, CCPIT Vice Chairman Zhang Wei, said yesterday that RMB appreciation pressure test currently receiving more than 1,000 enterprises, involving 12 industries, the test results about the April 27 announcement.

"Appreciation of the consequences are devastating"

Zhang warned that China's revaluation of labor-intensive export enterprises "disastrous consequences" "If the yuan appreciation, which will directly face the risk of failure, because their profit margins have been very low. "

He pointed out that Clothing And furniture manufacturing exporters of labor-intensive industries lowest margin of only 3%. Zhang had just 12 trades with more than 1000 exporters were contacted to see whether they can cope with the appreciation of RMB, the survey results are expected to be released in April 27.

Preliminary estimates, the most affected by the appreciation of the renminbi will be the mechanical and electrical industry. Zhang said the order to get the industry at present has reached 150 billion U.S. dollars, assuming 3% appreciation of the renminbi, its losses will reach 30 billion yuan. Because of large complete sets of equipment, mechanical and electrical products exports in the very long period to complete the entire exchange earnings process, short-term needs 1 to 2 years, medium-term needs of 2 to 4 years, the longest reach 7 to 8 years.

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Again Put Pressure On Rmb Appreciation Hardware & Electrical Face The Disastrous Consequences

By: frbiz2@foxmail.com

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