RMB Exchange Stone Lion Textile Exports Benefit More
At the end of March, the people's Bank of China and the Central Bank of central and South America signed the bilateral currency swap agreement with the Central Bank of Argentina. Shishi export enterprises were pleased to see its success and thought it would be very helpful to continue to develop the international commodity markets such as central and South America. RMB's extensive participation in international trade settlement is a good news for Shishi's foreign trade.
According to a Shishi businessman who opened a foreign trade company in central and South American countries, Chinese goods are popular there, and clothing, leather shoes and small electronic goods in Minnan have a large sales volume there. He has been trading in Brazil, and is now turning to Chile's foreign trade company, mainly in Argentina, Chile, Brazil, Venezuela, Peru and other central and South American markets.
The Central Bank of the two countries signed a bilateral currency swap agreement with a swap scale of 70 billion yuan /380 billion Argentina peso. The agreement is valid for 3 years and can be postponed by mutual consent. This will enable the export-oriented enterprises in Shishi and its surrounding areas to export to central and South American countries with great encouragement. The Shishi businessman now sends about 25 40 foot container containers to central and South America every month, and its exports will increase if dollars are not settled in the future.
The western hemisphere has strong economic complementarity with the Shishi and its surrounding areas, and the foreign trade in Shishi still has considerable trade potential. Last year, a Brazil customer tried to cooperate with Shishi casual pants industry, and the first trial order was more successful. However, due to the impact of the international financial crisis, the currencies of South American countries have depreciated considerably, and the volume of purchases has greatly shrunk after the change to the US dollar.
Making use of RMB exchange to stabilize multilateral trade and unite against financial crisis, the two sides do not need to use the US dollar as the intermediary money in bilateral trade when they carry out bilateral trade. The exporters can receive the value of their local currency and do not use US dollars to settle accounts. Instead, the direct use of RMB can effectively avoid exchange rate risk and reduce exchange fees, so that both sides will benefit from it. This is a win-win way.
Shishi's casual shoes are very popular in CIS countries. In the 4 months since December last year, the people's Bank of China has signed 6 bilateral currency swap agreements with Argentina, Indonesia, Belarus, Malaysia, Hongkong and South Korea, and signed a bilateral exchange swap agreement with its central bank and monetary authorities in total. The RMB as trade settlement currency will become more and more common.
Through the innovation of currency swap, we can partly and gradually realize the function of RMB international settlement. When Shishi's economic strength is growing rapidly, it can effectively solve the problem of export market being blocked by exchange rate bottlenecks.
名詞解釋
Currency swap usually refers to the two trading entities holding different currencies in the market, exchanging the equivalent currency at the beginning of the period according to the prior agreement, and then exchanging the principal funds at the end of the term and paying the corresponding interest on the market. When conducting trade pactions, both sides can use their own currencies to settle accounts, instead of using the US dollar as the intermediary currency of the paction. To bypass the US dollar in international trade and promote RMB as the settlement currency will help our import and export enterprises to manage the risk of exchange rate changes and stabilize and promote bilateral trade.
Editor in chief: Xu Qiyun
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