Shishi Export-Oriented Footwear And Clothing Enterprises Change The Settlement Method

This Monday was the first trading day when the People's Bank of China announced to further promote the reform of foreign exchange. Shishi's export-oriented enterprises were moved by the news and immediately urged international trade customers to settle accounts and convert their dollars into RMB. Shortening settlement time is an important task for Shishi export-oriented enterprises at present. The boss of a Shishi enterprise told the reporter that recently he avoided 3% exchange loss due to his timely exchange.

On Tuesday, the process of RMB internationalization took another big step, and RMB settlement expanded to all countries and regions. At the height of the international financial crisis, the currencies of many countries depreciated significantly against the US dollar. Shishi Enterprises have always been accustomed to using the US dollar for settlement. Enterprises that used to use yen, euro and other settlement currencies have also changed to only use the US dollar for settlement. Today, the US dollar has also begun to depreciate. It seems that the safest settlement currency is RMB. Some enterprises in Shishi are negotiating with international traders, hoping to use RMB as the settlement currency in the future. Shishi export-oriented enterprises told the reporter that international traders are more positive about using RMB as the settlement currency, and think that this proposal can be considered, but they also face new issues regarding the actual operability, and fear that there will be huge two-way fluctuations in the exchange rate.

The frequent fluctuation of exchange rate is one of the important factors restricting Shishi's textile and clothing export. According to the analysis of relevant people, the RMB exchange rate reform will help reduce the export risk of enterprises, and also help the maturity of Shishi's textile and clothing industry, because only by improving the added value of products, seizing pricing power, and taking the path of product differentiation, can Shishi enterprises go further on the export path.