To avoid exchange rate risk

by | Jun 20, 2011 | Yiwu News | 0 comments

In recent years, with the continuous development and prosperity of Yiwu market to foreign trade, Yiwu in doing business with foreigners, while take some risk of the exchange rate, especially in big fluctuations of international currency exchange rate, many Yiwu enterprises are at a loss. Last June 17, Yiwu was officially incorpor into RMB clearing of cross-border trade pilot cities, it is began to“share care”for Yiwu enterprises

“RMB settlement is a good thing, and it would eliminate our exchange rate risk, they do not bear the cost of conversion.” Yi Import and Export Co., Ltd. General Manager Ma Shuxing, since the importation of nearly 400 million yuan of chemical products after attempt to RMB clearing cross-border trade, he is a soft spot for this clearing way.

According to Yiwu Branch statistics of the People’s Bank of China show that since last June 23th to the end of this May the first pen of cross-border RMB business of Yiwu financial institutions has handled the banking cross-border reached 376 million RMB.

Last December, the six ministries decided in the early pilot of export trade of RMB clearing implementation of export pilot enterprises management system, which can be provided in the use of pilot enterprises RMB’s export trade business to enjoy the rebate (exemption) policy, the city’s total 144 enterprises are permitted to become the first export of pilot enterprises. Yiwu People’s Bank of China branch staff said that when the corresponding policies in place, companies will promote the city better and faster implement cross-border trade in RMB.

Tags: yiwu bank

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