The central parity of RMB against the dollar broke 6.7 yuan for the trade day in October 8, and recorded a new high since starting of yuan reform. Now the foreign traders in Taizhou city are on dilemma to receive new business orders because continuing appreciation of RMB.
Shoemaking, toys and apparel are the industries with high reliance on foreign trade are suffering profit loss with the impacts of RMB fluctuation. Most enterprises minimize the losses by rising the price of exported products, while others take the way of hedging and forward foreign exchange settlement.
The Pilot Footwear Co Chief Financial Officer Jin Dehua said through the forward settlement of exchange we successfully get away from exchange rate risk this year, the total export value for this year is estimated as the same as a year earlier.
