On the morning of the 25th, the RMB exchange rate continued the momentum of rapid correction. In the morning, the onshore RMB exchange rate against the US dollar once broke through 6.55 yuan and fell more than 600 basis points; The offshore RMB exchange rate against the US dollar once fell below 6.57 yuan; Both onshore and offshore exchange rates hit new lows since April last year.
What is the impact of the sharp decline of the RMB exchange rate on Chinese enterprises?
The reporter noted that some listed companies responded that their business was mainly export-oriented and would benefit from the moderate depreciation of the RMB exchange rate; Some other companies said they would actively pay attention to exchange rate changes and do a good job in foreign exchange risk management
RMB exchange rate quick callback
On the morning of the 25th, the onshore RMB exchange rate against the US dollar once fell below 6.55 yuan. As of 11:30, the lowest intraday report was 6.5503, and the offshore RMB once fell below the 6.57 mark, the lowest intraday report was 6.5783.
Previously, the RMB exchange rate has fallen sharply for four consecutive days. Since April 19, as of 11:40 on the 25th, the onshore RMB exchange rate against the US dollar has fallen by more than 1600 basis points, and the offshore RMB exchange rate against the US dollar has fallen by more than 1800 basis points. In just a few days, the RMB exchange rate fell significantly, falling behind the 6.40 and 6.50 levels one after another.
Why does the RMB exchange rate depreciate rapidly Citic Securities Company Limited(600030) co chief economist clearly explained that, on the one hand, the epidemic spread in key economic cities; On the other hand, the faster tightening cycle of the Federal Reserve pushed funds back to the United States, and the strength of the US dollar index also put downward pressure on the RMB exchange rate.
He also said that the RMB exchange rate may be under pressure in the short term, but the current account surplus will still provide support, so there is no need to worry too much about the depreciation risk
listed companies responded one after another
In recent days, on the investor interaction platform, questions about the impact of RMB exchange rate depreciation have increased significantly.
Many companies responded to investors’ concerns on the investor interaction platform. Some companies said that the devaluation of the RMB exchange rate is good for the company’s operation:
Yotrio Group Co.Ltd(002489) responded to the investor’s “will the devaluation of RMB exchange rate further enhance the company’s export competitiveness?” The devaluation of the RMB exchange rate is conducive to the export of Chinese goods, and the company’s business is mainly export-oriented, which will also benefit accordingly. The company also said that the devaluation of the RMB is conducive to China’s commodity exports from a macro perspective, and the specific impact on the company is still difficult to quantify.
Luthai Textile Co.Ltd(000726) said that the company’s export revenue accounted for about 60%, mainly denominated in US dollars. If the RMB depreciates, it will have a positive impact on the company.
Henglin Home Furnishings Co.Ltd(603661) 24 said on the investor interaction platform that at present, the depreciation of RMB has a favorable impact on the company’s export business.
Linsheng technology responded on the 22nd that the company’s current sales are mainly concentrated overseas. The company’s overseas sales are mainly settled in US dollars, and the RMB unit price of products is affected by the exchange rate between US dollars and RMB. In the short term, the depreciation of RMB will slightly increase the company’s operating income (RMB caliber). The RMB exchange rate depreciated, and the cashing of the company’s products settled in US dollars increased.
Some other companies said that they would actively pay attention to exchange rate changes and do a good job in foreign exchange risk management:
3 Shandongsino-Agriunitedbiotechnologyco.Ltd(003042) 5 responded to investors “does the devaluation of RMB have a positive impact on the company’s business?” In response to your question, the fluctuation of RMB exchange rate will have a certain impact on the company’s export business. The company will pay close attention to the changes of international market environment and exchange rate changes, and try to reduce the adverse impact of exchange rate fluctuations on the company’s business as much as possible.
Goertek Inc(002241) responded that the company’s export business was under normal development and was not significantly affected by exchange rate fluctuations. The company continued to do a good job in foreign exchange risk management.
According to the analysis of insiders, the devaluation of the RMB and the appreciation of the US dollar make the local currency valuation of imported goods and services more expensive, which may lead to an increase in import costs for raw material import enterprises; However, for some foreign trade enterprises with production factors in China, the depreciation of local currency will enhance the export competitiveness of their products to a certain extent.
Soochow Securities Co.Ltd(601555) research report pointed out that the depreciation of exchange rate is a double-edged sword. On the one hand, it is conducive to exports, on the other hand, it may also bring imported inflation
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