人民币创14个月来新高

Core Viewpoint - The continuous appreciation of the RMB is prompting foreign trade companies to expedite their currency settlement to mitigate losses from exchange rate fluctuations, which poses challenges for small and medium-sized enterprises in maintaining their price competitiveness [1][3]. Group 1: Currency Settlement Practices - Many foreign trade operators are adopting a strategy of settling currency immediately upon receipt of funds to avoid losses due to RMB appreciation [1][3]. - Small and medium-sized enterprises prefer timely currency settlement to maintain cash flow, often avoiding hedging strategies like locking in exchange rates [1][3]. - The recent trend of RMB appreciation has led to immediate currency settlement becoming a common practice among exporters, as they seek to minimize potential losses [1][3]. Group 2: Impact of RMB Appreciation - The RMB has reached a 14-month high, which is negatively impacting export companies by reducing the amount of RMB received from USD settlements [1][3]. - Companies may face immediate exchange losses, and raising product prices to protect profit margins could weaken their competitive pricing in the manufacturing sector [1][3]. - Increased demand for currency settlement at year-end may further drive RMB appreciation, creating additional pressure on exporters [1][3]. Group 3: Market Trends and Predictions - Analysts predict that the RMB may enter a "6 era" in the long term, with expectations of continued appreciation driven by seasonal capital flows and increased currency settlement needs as the Chinese New Year approaches [5][6]. - The RMB's recent strength is attributed to a decline in the USD index and increased settlement demand from companies as the year-end approaches [6][10]. - The Chinese government is focusing on stabilizing the RMB exchange rate to create a favorable trading environment for foreign trade enterprises, rather than allowing rapid appreciation [9][10]. Group 4: Trade and Economic Growth - China's goods trade maintained positive growth, with exports increasing by 6.2% and imports by 0.2% in the first eleven months of the year [7]. - The shift from price competition to brand and technology diversification is expected as companies adapt to exchange rate pressures, aligning with government initiatives to support service exports and digital trade [7][9]. - The overall economic strategy emphasizes boosting domestic consumption and enhancing the supply of quality goods and services, which is supported by a stronger RMB [6][7].