***The daily limit of the textile industry lays*

The spot exchange rate, which hit the daily limit for 5 consecutive trading days last week, has once again become the focus of the market's appreciation of the ***. On November 5th, people in the interbank market met the daily limit exchange rate against the US dollar again, which is the highest limit for the exchange rate to reach the 1% trading range for the seventh time in nearly eight trading days.

According to industry insiders, the sharp increase in *** is good for the aviation industry and the paper industry, but it is bad for the textile industry.

*** 8 touch limit on the 8th

Starting in mid-September this year, ***’s gains are staggering and all losses in the first eight months have been recovered. The median price has exceeded the 6.3 mark. On October 29, the spot exchange rate against the US dollar hit a new high of 6.2371 since the exchange rate reform in 2005.

It can be seen from the time that the introduction of the third quantitative easing policy by the United States is an important reason for the rise of China’s exchange rate, and the exchange rate of the *** exchange rate has started to rise passively as the US dollar continues to depreciate. The researcher said: "In the short term, QE3 will become an important force for China's continued rise. With the withdrawal of the US QE3 policy, the upward pressure on *** will gradually decrease."

According to data from the China**** Center, on October 29, the trading price of *** rose by 56 basis points from the median price, which was only 7 basis points away from the daily limit. On the 30th, it closed at 6.2405, which was 0.98% higher than the middle price and was close to the daily limit. On the 31st, the exchange rate was closed at 6.2372. On November 1st, the session hit another 6.2387 daily limit.

On November 5, the inter-bank market exchange rate of *** against the US dollar was 6.3082, a 37 basis point lower than the previous day. As of November 5, the spot exchange rate for *** against the US dollar has hit the daily limit limit seven times in eight trading days.

The introduction of QE3 in the U.S. made the U.S. dollar and U.S. dollar-denominated assets subject to downward pressure, which stimulated the investment of international investors in the U.S., and the influx of hot money was an important reason for the rise of U.S. money. In addition, due to the impact of Christmas and European Christmas in the fourth quarter, China’s trade surplus began to increase, which also contributed to the increase in the number of ***.

According to another personage inside the industry, there has been a considerable appreciation of *** in the past few years, and the overall trend in the future will be relatively stable. However, some analysts believe that the rise of *** will continue until the first quarter of tomorrow.

Textile export profits squeezed

The continuous appreciation of *** has benefited the four major airlines. According to statistics, in the first half of this year, the net exchange gains and losses of Air China, China Southern Airlines, China Eastern Airlines and Hainan Airlines reached 341 million yuan, 300 million yuan, 228 million yuan and 178 million yuan respectively.

Some insiders of the airline revealed that the rise in *** is good for airlines. Since airlines’ aircraft leasing and overseas procurement costs are all consumed in U.S. dollars, if the U.S. appreciates against the U.S. dollar, the cost of U.S. dollar consumption is relatively reduced, and the company’s revenue is mainly ***. Therefore, The appreciation also represents an increase in company income.

One family is happy and joyful. Compared to the airline companies, textile export companies are constantly making new achievements. "The continuous rise of *** is good news for China's raw material importing companies, but it is a blow for finished product export companies, especially for the textile industry," said Huo Xiaohua, a researcher in the financial advisory industry of China Investment Group. Road.

According to incomplete statistics, in the first half of this year, among the 41 listed companies of textile and clothing, 25 companies had negative exchange earnings. Among them, Shenda shares, Veken essence, leading shares, Shanghai Sanmao, Sanfang Lane, Huafang shares, Annunciation and Jiangsu Sunshine's exchanged net profit and loss have reported losses of more than one million yuan.

"The profit margin of the textile industry has been relatively low, and it relies on lower domestic labor costs to achieve the advantage of price competition, but the advantages are gradually lost during the upswing of the ***, which is a significant adverse impact on it." Say so.

Most export-oriented textile companies are considering increasing the prices of their export products to offset the impact of the escalation of the renminbi on companies. In addition, there are companies that hedge their appreciation by using hedging.

Among them, Lu Tai A told reporters as early as 2010 when the company raised the price of export products due to the appreciation of the ***, but also to reporters talked about through the hedging approach to deal with the *** appreciation. However, the current situation in which the appreciation of the *** is too fast, the company will still be affected by this.

According to the Lu Tai A quarterly report, the company's financial expenses was 52,047,600 yuan, an increase of 47.08% over the previous period. The company said that the main reason is due to the reduction in exchange gains.

“The profits of domestic export textile companies are relatively meager. With the continuous rise of ***, the sales volume has been hit harder and the performance has fallen sharply,” said Huo Xiaohua. Some textile companies have said that if the company's products are price-raising, customers will lose orders if they do not agree, unless there is a fixed long-term cooperation, otherwise the product cannot raise prices.

Some analysts believe that for every 1% increase in the value of ***, the export profit rate of textile export companies will decline by 1%-4%. If the price of the product cannot be raised, the profit of the textile company will be squeezed or even lost.

In the escalating trend, how should textile companies survive?

Some industry insiders told reporters that at present, China's textile companies have lost their cost advantage and can no longer compete by adopting price advantages as before. Only through technological transformation, companies can adjust their product structure to change themselves.

In addition, the researcher also gave suggestions: "The export enterprises should strengthen multi-market operations on the one hand and diversify risks; on the other hand, they must strengthen the integration of the industry chain, focus on reducing product costs, enhance competitive strength, and gradually get rid of negative effects. influences."