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Orders are slowly recovering, textile foreign trade ushered in a "respite"
The renminbi fell below 7.33 against the dollar during the session, falling more than 800 basis points for five consecutive days and hitting a new low since November last year. The onshore renminbi also hovered near the 7.3 mark. In fact, the RMB exchange rate against the US dollar has been fluctuating downward for some time this year, and the offshore and onshore exchange rate has depreciated from around 6.8 at the beginning of the year to around 7.3 today.
Recent exchange rate fluctuations, the depreciation of the RMB, some export-oriented enterprises may get more exchange earnings, among which foreign trade accounts for a relatively high proportion of textile and clothing enterprises, ushered in a "breathing" opportunity.
The relevant person in charge of Vosges shares revealed: "The company's home textile business is mainly exported, mainly settled in US dollars, and now the depreciation of the RMB against the US dollar exchange rate, the company's exchange income will be more obvious."
However, compared with exchange earnings, textile and garment enterprises are more looking forward to the recovery of the market. Blum Oriental securities staff said: "The current market is still relatively weak, the order volume is slowly recovering, but the product price has not recovered, we hope that the demand side will be strong as soon as possible."
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