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On April 24th, the Fed has resolutely injected US$1.15 trillion into the market, hoping to lower mortgage and other consumer loan interest rates and stimulate consumption to revive the US economy. The Fed will spend $300 billion to buy long-term Treasury bonds and an additional $750 billion to buy related mortgage-backed securities. The result of this increase in the supply of the dollar is the depreciation of the dollar, which has caused the prices of various raw materials, such as crude oil, steel and cotton, to rise, which will not only cause domestic hyperinflation, but will also force the appreciation of the national currency exported to the United States.
The US policy has had a huge impact on the Chinese textile industry and American consumers. Zhang Yanzhao, vice president of the China Textile Industry Association and executive vice president of the Textile Industry Branch of the China Council for the Promotion of International Trade, believes that the massive increase in US currency will ultimately hurt the economic interests of the Chinese textile industry. From the domestic point of view, due to the depreciation of the US dollar, the appreciation of the renminbi has forced domestic textile export prices to rise, and exports to the United States will further shrink. This is extremely detrimental to the restorative development of China's textile industry. For a long time, China's textiles and clothing have always maintained a favorable balance with the US, and the depreciation of the US dollar will greatly reduce the advantages accumulated by China's textile industry for many years, and investment in the textile industry will also be affected.
Yan Liming, general manager of Beijing Kangte Garment Co., Ltd. analyzed from the perspective of export enterprises that the state has repeatedly raised the export tax rebate rate in order to encourage the export of textile industry, and the depreciation of the US dollar will weaken the role of this policy to a certain extent, aggravating At present, the difficulties of textile and garment export enterprises, corporate profits will shrink due to the depreciation of the US dollar, and competitiveness will also be weakened.
In the face of the ever-changing trade situation, in order to reduce the export risks of enterprises and ensure the profits of export enterprises, the People's Bank of China has signed a series of currency swap agreements with countries in need of funds. The biggest beneficiaries of these agreements are Chinese export enterprises facing difficulties. The financial crisis has caused Asian countries' exports to drop sharply. The Chinese central bank has signed currency swap agreements with neighboring countries with close trade relations. This allows these countries to purchase Chinese products in RMB, reduce the risk of fluctuations in the US dollar exchange rate, and stimulate regional The recovery of bilateral and multilateral trade.
Guo Tianyong, director of the Banking Research Center of the Central University of Finance and Economics, believes that the tight financial crisis caused by the ongoing international financial crisis has brought great difficulties to the trading system of Asian countries and related regions that are dominated by the export-oriented economy. Financial cooperation has become an effective way to maintain financial market stability and prevent financial crises. The currency swap agreement is a good news for China's export enterprises. Due to the tight liquidity of the global dollar, some of China's trading partners have fallen into the dilemma of trade settlement. Using the RMB exchange to stabilize trade is an effective way to fight the financial crisis and help stimulate China's commodity exports.
The central banks of China and Argentina signed bilateral bilateral currency swap agreements, which greatly encouraged the export-oriented enterprises that exported from Fujian and surrounding regions to Central and South American countries. A Fujian clothing trader with trade relations with Central and South American countries said that Chinese goods are more popular in Central and South America, especially in clothing, shoes, and small electronic goods. However, due to the impact of the international financial crisis, the currencies of South American countries have depreciated a lot. After the exchange for US dollars, the number of purchases has shrunk, which has greatly affected imports from Central and South American countries, which has reduced the willingness of the other party to purchase in the near future. By stabilizing multilateral trade through the RMB swap agreement, exporting enterprises can receive payment in local currency, which can effectively avoid exchange rate risks and reduce exchange fees, so that both parties can benefit.
At present, there are many variables in the world economic situation. The global traditional industrial production capacity is still surplus. A new round of economic growth has not yet emerged, and the risk of market austerity still exists. As international trade protectionism intensifies, textile and clothing trade frictions will increase. Developed countries mainly use intellectual property protection, non-tariff barriers and anti-dumping as weapons to increase the protection of the domestic market. In this regard, Zhang Yanzhao emphasized that the deep-seated contradictions and problems in the economic development of China's textile industry are still outstanding, institutional and structural obstacles still exist, and the capacity for sustainable development of foreign trade is not strong; the number of exports at low cost and low price The pattern of growth-oriented has not yet fundamentally changed. China's textile exports are still based on labor-intensive, low-level technology and high energy consumption. Therefore, in response to external pressures, enterprises must change this situation as soon as possible in order to fundamentally enhance their ability to withstand foreign trade risks.
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