Source: CCTV.com

04-10-2009 14:15

Chinese exporters are welcoming the Renminbi settlement program, which can help reduce their exposure to currency exchange risks.

The textile industry is one of China's major export industries. But it faces difficulties caused by the continuous appreciation of the yuan. The Renminbi settlement program could effectively help them avoid currency exchange risks. And they are not the only beneficiaries. For those companies with overseas operations, they will be able to use Renminbi without changing into other currencies.

Chinese exporters are welcoming the Renminbi settlement  program, which can help reduce their exposure to currency exchange risks.

Sun Huaibin, spokesman of China National Textile & Apparel Council, says, "the new policy will definitely help us hedge foreign exchange risks. For example, our exports suffered considerable losses due to the depreciation of US dollar during the first half of last year. And then we suffered from the depreciation of euro in the second half."

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Editor:Qin Yongjing