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RMB Internationalization Might Aggravate EMM Export of China

Source: Time:2013-11-30 08:47:52 frequency:

Some exporters complain EMM prices at home and abroad hang upside down this year. Current transaction ex-work price is about RMB 12700/mt home and USD 2030/mt FOB( Yichang Port). Transaction exchange rate is about RMB 6.07: USD1. If port charge and cash collection problem are included, export market do hang upside down. However, it is predicted RMB will appreciate significantly in the second quarter of 2014. Exchange rate might break through 6.05 or even 6.0. China is trying to promote the internationalization of RMB. Foreign bankers would not like to hold RMB unless it keeps value or appreciates. Then RMB might be taken as a reserve currency and a settlement currency. RMB appreciation is good for Chinese enterprises to go abroad and purchase assets, so the appreciation space of RMB is still big. By then, EMM export business would be more difficult.
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